(1) Yep, NJ is judicial. Process takes 3-4 years on average vs 1-2 years in CA, which why it’s where CA was two years ago.
(2) Some of the houses/condos are in decent school districts, others are not. Upset (aka reserve) prices run the gamut from decent to crappy. 90% of the stuff went back to the bank to become REOs.
(3) Older isn’t necessarily considered bad on this coast.
(4) The irony of the thing is that I’m actually seeing BETTER deals on rental property in the “good” towns in NJ. Yeah, you’ll pay at least $300k for a duplex, but you can rent it at 8% cap to decent tenants, and no rent control in the wealthier towns either. I’m not even talking about foreclosures, just people who buy and sell organically at what they consider to be a fair price.
