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WTF??? (excuse my French) I read this on Zillow by some guy who is supposed to be a real estate guru. Who would write such nonsense??
(IRVINE, CALIFORNIA) According to newly released data from Irvine, California based RealtyTrac, a foreclosure monitoring service, Bergen County, New Jersey now has the highest foreclosure rate in the nation, with every single house in some stage of foreclosure as of July 1st. Many people are surprised by the report since Bergen County is a wealthy suburb of New York City that is popular with celebrities and Wall Street executives. According to Julie Smith, a realtor in Fort Lee, “The foreclosure crisis has devastated Bergen County because we have the highest property taxes in the nation. It’s absolutely ridiculous. Crack houses in Hackensack and Englewood are paying close to $50,000 a year.” Lou Dobbs, hosted of the syndicated television program “Lou Dobbs Tonight” on CNN and a Republican candidate for governor, blames the Democrats for the foreclosure crisis facing Bergen County. “These tax and spend liberal Democrats,” Dobbs said “have bankrupted New Jersey and destroyed the middle class.”
One person who is not surprised with the report is Mark Zandi, chief economist of Moody’s. “With the recession in full affect,” he said “there are few people who are buying rap albums and there are tons of layoffs on Wall Street.” Just last week, Goldman Sachs laid off their entire workforce and replaced with lower-paid illegal immigrants while many former Bear Stearns employees are now making their living by mopping the floors at fast food restaurants for minimum wage.
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