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Foreclosures Are On the Rise in Newark, New Jersey

Newark, New Jersey is the largest city in New Jersey and the 65th largest city in the United States. It was ranked #9 on INC Magazine's “Best Cities for Doing Business” list in 2008. There is a very high market in foreclosures right now. There are about 4,387 foreclosure listings as of August of 2010. The number of pre-foreclosure filings has risen as well. There as 2,228 pre-foreclosure homes on the market. Home sales, though, have dropped an astonishing 79.7% in 2010. Home values have depreciated 6% this year and this could be why there are so many foreclosure listings. Also, of the 31,729 homes, only 21% are owned. This is why foreclosures are a very hot commodity in Newark, New Jersey right now.