A judge has been appointed to oversee foreclosure proceedings in the state of New Jersey to make sure they conform to the law.

In December, state Supreme Court Chief Justice Stuart Rabner ordered six of the nation’s biggest mortgage lenders to show why their foreclosure operations shouldn’t be suspended in New Jersey over reports of widespread irregularities.

This Spring, former Superior Court Judge Richard Williams was appointed as a “special master” to make sure the banks comply.

Rabner said the legal review is intended to provide greater confidence that the tens of thousands of residential foreclosure proceedings under way in New Jersey are based on reliable information.  Rabner says nearly 95 percent of the cases are uncontested despite evidence of flaws in the process.

Manhattan condo prices regained 16% of their value in the past two years, but still remain 12% below pre-crisis levels, according to Radar Logic’s latest RPX Manhattan Condominium price report.

In March, Radar Logic priced the average Manhattan condo at $1,017 per square foot, up from $923 in 2009, but still below the $1,213 price point established in 2008.

Despite condos regaining some of their value these past two years, the Manhattan market still grapples with lackluster sales in this segment, the RPX report said. March condo sales were down 18% from 2008′s peak level, and the total condo transaction count fell 3% this past March when compared to year-ago levels.

In terms of where activity is occurring in Manhattan, the RPX report says larger units are pulling in more buyers. The sale of units in the 900- to 1,500-square-foot range grew year over year, while sales in the 450-to 900-square-foot market fell over last year in March.
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Researchers with Radar Logic concluded that “the shift toward larger units has contributed to an improvement in the Manhattan Condominium RPX price relative to last year, as larger units command higher prices per square foot than smaller units.” Even still, the report stipulated that Radar Logic is not “comfortable calling it a recovery” just yet.

The Manhattan neighborhoods reporting the largest year-over-year price gains included Chelsea/West Village, where prices rose 23.4%; the East Village/Lower East Side, where prices jumped 16.6%, and Soho/Tribeca, where prices are 14.7% higher.

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