New Jersey. In northern New Jersey, 8 percent of mortgages are in foreclosure twice the share for the United States as a whole, according to a new regional mortgage brief prepared by the Federal Reserve Bank of New York. An additional 4 percent of northern New Jersey mortgages are at least 90 days delinquent, the point at which a foreclosure filing can be initiated. Combined, 12 percent or about one in eight mortgages are seriously delinquent, the Fed said. By comparison, the pre-crisis share of mortgages seriously delinquent in this region was less than 2 percent. But flows of mortgages into foreclosure and delinquency are down from their peak levels, although still considerably up from pre-crisis levels. However, the pool of mortgages already in foreclosure continues to grow because there are more loans entering the foreclosure process than there are loans completing the process each month. Foreclosures are lengthy, often taking many months or even years.