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First off, is this a track light? Where's the burned transformer? They should be in the track light itself not at the track unless you have those older low voltage tracks. I have only seen those once.
J box should feel hot, but it is in the attic and metal (not plastic?) does retain heat. How many wires are in there. Some people cramp a thousand wires in there so heat doesn't dissipate. Open it up and feel the wires and see if its hot. Its normally should be, but warm in the summer months, yes. Something maybe up with the wires in that J box. have someone check that circuit(s) in there. No need to re-wire yet. Just because it has cloth sheathing it doesn't mean its bad. When you touch it, doesn't it crumble? If it does, then maybe its time to re-wire? It just depends. You maybe able to get many more years out of it.
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