fbpx

Moody’s Atlantic County leads nation in foreclosures

Andrew George//April 24, 2015//

Moody’s Atlantic County leads nation in foreclosures

Andrew George//April 24, 2015//

Listen to this article

In its latest Weekly Credit Outlook for Public Finance report given to clients, Moody’s Investors Service announced that according to RealtyTrac data, Atlantic County’s foreclosure rate in the first quarter of this year led the nation, resulting in a credit negative.According to Moody’s, the county saw an 80 percent jump in foreclosures in March from the previous month and a 168 percent increase from the same time last year. Atlantic County’s foreclosure rate, which is roughly one for every 252 homes, is nearly double the state average of one in every 508 homes.

Suburban municipalities like Buena Vista Township, Northfield and Pleasantville accounted for some of the largest foreclosure increases in the area.

Moody’s unsurprisingly ties the spike in area foreclosures to the recent downturn of Atlantic City’s gaming industry, which saw four casinos close in 2014. According to Moody’s, the county’s tax base decreased by approximately 45 percent between 2008 and 2014 and is expected to drop by another 38 percent by 2016.

The county’s high foreclosure rate is expected to hurt area property values and tax collections in the coming year, Moody’s said.

ALSO ON NJBIZ:

Senate Republicans put forth 36-bill package aimed at economic growth

Amazon seeking 800 more workers in Robbinsville

Advocacy group’s report puts affordable housing need at 200K statewide