Foreclosures in New Jersey increased in 2009 over the prior year. There was a total of 63,208 properties with foreclosure filings. That works out to a rate of one filing for every 55 households, which compares to the United States average of 45, and is a little less than two percent of the state's housing units.
New Jersey is the 11th largest U.S. state by population, with 8,707,739 people (in 2008). Its 8,729 square miles make it the 47th largest state by area. Median household income in 2008 was $70,378.
New Jersey's median household income is among highest in the U.S. A lot of New Jersey's wealthiest residents don't work in the state though—they commute to New York City or Philadelphia each day. Combine that with the fact that New Jersey's highways are a pipeline to some of the largest cities in the country, and you can readily see why transportation is so important to the state's economy. There is also a substantial amount of manufacturing, particularly of chemicals, pharmaceuticals and machinery.
