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15%

April 1, 2011

About 15 percent of New Jersey homes are underwater, meaning that the mortgages are greater than what the home is worth, according to a presentation at the New Jersey Future Redevelopment Forum by Jeffrey Otteau, president of Otteau Valuation Group.

That’s actually 7 percent below the national average, but 8 percent above the corresponding percentages in neighboring Pennsylvania and New York. The problem may be turning around ever so slowly, however, since home prices rose an average of 1 percent a quarter last year.

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