Sussex County, New Jersey has been rated as having some of the highest foreclosure rates in the nation. In fact, over 230 housing units have been under foreclosure in the first part of 2022 alone.
“The worst inflation in 40 years has led to cascading effects, with consumer sentiment declining and gross domestic product decreasing in the first quarter of this year. While the Federal Reserve has been raising rates to tame inflation, this has resulted in higher mortgage rates. Combined, these factors appear to be cooling the U.S. housing market after white-hot demand in the past two years sent prices skyward” (The Center Square).
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