Millions of American homeowners are currently enrolled in forbearance programs that let them temporarily defer mortgage payments. But once employment and the economy stabilize, those programs will end, and mortgage payments will resume. That could spell big trouble for the Garden State: According to a new report from Construction Coverage, New Jersey homeowners were seriously delinquent on 1.73% of all mortgage debt at the end of 2019, the fourth-highest percentage of delinquent mortgages in the country.
The research reveals that New Jersey’s mortgage-delinquency rate was 1.73%. Average mortgage debt per household with a mortgage was $231,642, while median income for those households was $126,612.
Only three states had worse numbers: Delaware (which was ranked third) also had a mortgage-delinquency rate of 1.73%. Average mortgage debt per household with a mortgage was $181,488; median income was $94,789.
Connecticut (in the second slot) had a mortgage-delinquency rate of 1.77%. And New York, which was in the unenviable top slot, had a mortgage delinquency rate of 1.90%.