Home foreclosures in New Jersey are on pace to hit 50,000 this year, up from 34,457 last year and 23,000 two years ago, a top state official said Monday, according to a report in the Daily Record.

The report said Banking and Insurance Commissioner Steven Goldman told a joint meeting of the Assembly financial institutions and housing committees about ways for the state to deal with the Wall Street crisis. Goldman said foreclosures and past-due loans in New Jersey are below the national average, noting that sub-prime mortgage loans represent about 10.5 percent of all loans in New Jersey, compared with 12.2 percent nationwide.

(Source: NJ Star Ledger)