N.J. to spread $60M in foreclosure prevention funds

$60 million in foreclosure prevention funds seems like a drop in the bucket for a state with over 8.7 million people. Then again, the northeast's housing prices have not dropped as sharply as prices in the south and west coast, so only about 6% of NJ homeowners are in a situation where their mortgage exceeds the value of their home. Consequently, most distressed homeowners can still avoid foreclosure and sell at a profit, something which is not an option in many other states.