For many reasons, Hurricane Sandy was a “game changer” for New Jersey and the East Coast. Last week, I read an interesting article written by Kevin Post of the Press of Atlantic City, who observed how Hurricane Sandy has slowed foreclosure activity in New Jersey. Pending foreclosure sales and short sales in impacted areas may need to be inspected for storm damage. Some lenders announced a 90 day moratorium on foreclosure auctions and evictions, and others may offer forbearances. Meanwhile, there is a backlog of properties that have not hit the market.
Here is a link to the article.