Foreclosures Hit Close to Home in N.J. Suburb

Foreclosures don't only affect homeowners who are displaced by them, but also their neighbors. Jonathan Berr of our sister site, DailyFinance, writes about how foreclosures have impacted his suburban New Jersey neighborhood. It isn't pretty. Check the jump to read more.

For the past few years, when my toddler and I went for a walk around the block in our neighborhood in New Jersey, a suburb of Philadelphia, we passed a spooky-looking house with overgrown trees and a faded stucco exterior. Number 22 looked as if no one lived there, although my neighbors assured me that it was occupied. At least that was the case until about a year ago, when its owner fled her residence for parts unknown. The house has been a blight on the neighborhood ever since. (See the photo at left.)