Real Estate Recap for 2010

As 2010 draws to a close, more than 85 properties are for sale in the borough. Single family homes account for the greatest number of properties for sale – more than 70 are on the market in New Milford. The majority of those homes are in the $300,000 to $500,000 price range.

Over the last five years, sales prices have come down more than 20 percent, according to data compiled by Trulia. The borough has been hit hard by the collapse of the housing market, as have many other local communities. The average list price is down 1.3% from last year and the median sales price is down 7.3% from the same time period last year.

There are more than 45 borough properties in various stages of foreclosure including three new properties filing in November. Some are in pre-foreclosure, others have moved on to auction or bank ownership. Across the state, one in every 668 housing units received notice of foreclosure last month according to RealtyTrac.

The borough has posted information on its website to help residents navigate their way through foreclosure. The New Jersey Department of Consumer Affairs has a "Foreclosure Fast Facts" listing where property owners can turn for help if they are in danger of losing ownership.

New Jersey Home Ownership Preservation Effort is another resource borough property owners can turn to if they have fallen behind on mortgage payments or are in danger of no longer being able to make a payment.