Professor Linda Fisher, a noted expert in real estate and foreclosure law, appeared on NPR's "Morning Edition" as well as "Marketplace" and the BBC's "World Service Report" to talk about foreclosure and, in particular, the fact that although foreclosure rates are down throughout the nation in the first six months of this year (with a 10-year low reported in June), New Jersey "is the state with the highest foreclosure rate, and the state that is the furthest from a recovery to pre-recession norms."
"As they say in real estate, it's always location, location location" said Linda Fisher, a law professor at Seton Hall University near Newark, New Jersey.
She said places like Trenton and Atlantic City, which have among the highest foreclosure rates in the country right now, still have these concentrated pockets of empty homes. Particularly in states with judicial foreclosure processes and a long timeline for foreclosures, some houses have been abandoned entirely by banks (making them "zombie" homes with effectively no owners), which then in turn drives down property values further. It's a downward spiral that reinforces growing inequality and hits communities of color disproportionately.
To read or hear more, "Foreclosures down from 2015, but persistent in certain states."