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Old 11-14-2008, 01:32 PM
 
Location: New Jersey/Florida
5,801 posts, read 11,980,993 times
Reputation: 4311

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There you have it people. I read post after post for the last year that it won't happen here, that we are to close to NY and Philly. My feel is it is just starting around here. 1 out of every 400 homes in foreclosure. Lucky Passaic County leads the list with 1 in every 200 followed closely by Essex. Wait until all the layoffs take hold and the peeps can't pay for the mcmansions. Your thoughts, will it get better or worse?
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Old 11-14-2008, 01:37 PM
 
2,312 posts, read 7,207,630 times
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OK, one question--how was the ranking determined? By numerical total or foreclosures per thousand households (or whatever number)?

Because if it's a numerical total it wouldn't seem so awful because the population is so high.

Sigh. I wish I spoke Math better.
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Old 11-14-2008, 01:38 PM
 
526 posts, read 1,338,625 times
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Why don't you post the source of this news. I ask because I was reading Inman news recently where they had NJ at about #32.

Union County specifically Union Twp is heavy with foreclosures I will say. I tried to show homes there a few months ago in the 325 to 425K price range and 60% of the homes my client wanted to see turned out to be Foreclosures, and he was not trying to look at foreclosures at all.
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Old 11-14-2008, 01:52 PM
 
Location: Savannah GA/Lk Hopatcong NJ
13,225 posts, read 27,347,379 times
Reputation: 11493
here you go..scroll past all the ads

New Jersey foreclosure rate intensified in October -
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Old 11-14-2008, 02:03 PM
 
Location: NJ
12,285 posts, read 34,347,989 times
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sounds like that is raw number of foreclosures - #8 isn't out of whack given the population. i'd like to see % per 100K.
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Old 11-14-2008, 02:23 PM
 
Location: New Jersey/Florida
5,801 posts, read 11,980,993 times
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Foreclosure Activity Increases 5 Percent in October According to ...I'm not lying people, I have no horse in this race. I'm a homeowner and I don't want to be that high. I wish we were #50. Scroll down and it has all the documentation.
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Old 11-14-2008, 02:46 PM
 
744 posts, read 1,343,458 times
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Quote:
Originally Posted by JERSEY MAN View Post
There you have it people. I read post after post for the last year that it won't happen here, that we are to close to NY and Philly. My feel is it is just starting around here. 1 out of every 400 homes in foreclosure. Lucky Passaic County leads the list with 1 in every 200 followed closely by Essex. Wait until all the layoffs take hold and the peeps can't pay for the mcmansions. Your thoughts, will it get better or worse?
Most people probably weren't expecting Wall St to implode making being close to NY less great. Of course a lot of people did say this would happen, years ago.

Of course if the median house price is over 3x the median income then those prices are not sustainable.
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Old 11-14-2008, 05:38 PM
 
Location: Cherry Hill, New Jersey
1,369 posts, read 4,477,336 times
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Oh lordy. I may not have the McMansion (not even close) but thank goodness, we bought what we could afford, cash.

Shanny (sighing in relief)
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Old 11-14-2008, 09:12 PM
 
5,340 posts, read 13,433,857 times
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Whenever people were on the "not here" kick I thought "Denial is not just a river in Egypt." NJ is PRIME for this becuase of the HIGH cost... so many took off more than they can chew. And the McMansion craze was just nuts... when did everyone decide they needed a center island kitchen, great room, 4-5 br, 3-4 baths and all... just nuts.
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Old 11-14-2008, 10:06 PM
 
Location: Central NJ
517 posts, read 1,751,511 times
Reputation: 176
Especially in these times, I'm glad that I went into teaching. The pay may not be the highest but in my situation (single mom) I have the security and in these times, that's so important.
Believe me, I work my butt off AND I'm keeping my job. Unfortunately, so many of these people also working hard BUT are losing their jobs.

I am so relieved that because I'm not in danger of losing my job I will be keeping my home. Not having a second income is hard enough, at least I can sleep at night because nothing is changing for me. But, I also bought within my means- 2beds, 1 tiny bath- but it's affordable.
My bills on the other hand- I wish I had made better money decisions but I'm working on that.

These are very sad times.
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