N.J. unemployment rate rises to 10.1 percent (real estate, apartment)

[block911]

N.J. unemployment rate rises to 10.1 percent | New Jersey Business - - NJ.com (http://www.nj.com/business/index.ssf/2010/01/nj_unemployment_rate_passes_10.html - broken link)

They will need to extend unemployment benefits for another year, otherwise there will be MASSIVE defaults, bankruptcies, foreclosures in the middle of the year. Unemployment will become a chain reaction and will then go to over 25 percent. NJ is a doomed state,The U-6 figure is what you need to look at -- unemployment is closer to 20%.

I wonder how many people once unemployed found livable wage jobs after. I don't know how this big miracle will be accomplished as a recovery won't come until Real Estate reaches a proper level relative to everything else. Until then people like myself will be eyeballing the southern states.

[tahiti]

OMG - why hasn't Christie done anything??? I think he needs to be recalled. Anyone with me?

[Obrero]

Yes, I'm all for recalling him. And I'm moving to Florida.

[block911]

Originally Posted by tahiti

OMG - why hasn't Christie done anything??? I think he needs to be recalled. Anyone with me?

Corzine was the gov in December

[diorgirl]

Originally Posted by block911

N.J. unemployment rate rises to 10.1 percent | New Jersey Business - - NJ.com (http://www.nj.com/business/index.ssf/2010/01/nj_unemployment_rate_passes_10.html - broken link)

They will need to extend unemployment benefits for another year, otherwise there will be MASSIVE defaults, bankruptcies, foreclosures in the middle of the year. Unemployment will become a chain reaction and will then go to over 25 percent. NJ is a doomed state,The U-6 figure is what you need to look at -- unemployment is closer to 20%.

I wonder how many people once unemployed found livable wage jobs after. I don't know how this big miracle will be accomplished as a recovery won't come until Real Estate reaches a proper level relative to everything else. Until then people like myself will be eyeballing the southern states.

Fourteen states had double-digit unemployment rates for months before NJ hit double-digits for December 2009. Despite that, Congress was very conservative in its last round of unemployment extensions in November and December 2009.

And before you head south, you may want to take a look at the unemployment rates for the past several months in those southern states -- a number of them are have or are heading into double-digit rates as well.

[block911]

Originally Posted by diorgirl

Fourteen states had double-digit unemployment rates for months before NJ hit double-digits for December 2009. Despite that, Congress was very conservative in its last round of unemployment extensions in November and December 2009.

And before you head south, you may want to take a look at the unemployment rates for the past several months in those southern states -- a number of them are have or are heading into double-digit rates as well.

If you are unemployed, wouldn't a lower cost of living be to your benefit? Getting a job at McDonalds for minimum wage would not be enough to even rent an apartment. Flipside in NC or TX, you can get a 1 bedroom apartment and food.

[tahiti]

Originally Posted by block911

Corzine was the gov in December

Don't you get it?! It DOESN'T matter that he's inheriting a mess! It's his problem now and he's been TERRIBLE about fixing it!

[mike0421]

Ah, it's all Bush's fault.

[NatasNJ]

Originally Posted by block911

If you are unemployed, wouldn't a lower cost of living be to your benefit? Getting a job at McDonalds for minimum wage would not be enough to even rent an apartment. Flipside in NC or TX, you can get a 1 bedroom apartment and food.

You do realize that minimum wage is not going to buy you apartment and food in a southern state anymore than it would here right? Rents in San Antonio, DFW area all start off at $700+ range on average. You can find that same rent locally in South Jersey. Maybe not in a brand new great town but nearby in a fairly safe area. Same goes for down there. The prices differences are not that great overall except for you surely get more house for the money down there. You are talking pennies on the dollar difference. Sure it adds up but not as much as you suggest. I have lived it from both sides.

[CarolinaOnMyMind]

Block, I agree with your line of thinking. I lost my job in December and my wife and I are about ready to move to the Raleigh Durham area of NC. We are planning on buying a house with cash. We would have no mortgage and taxes are about $1500 a year where we would live. As you said, I could get a job flipping burgers at McDonalds to pay our living expenses until the economy turns around. We could also use the $8000 first time home buyer's tax credit as an emergency fund. I will also be collecting unemployment until June regardless if I live here in Jersey or NC. I hope the government will extend unemployment for the rest of the year. The unemployment rate in NJ is 10.1 for Dec and NC was about 10.8 in Nov. I have just about as much of a chance to find a job in NC as here in Jersey.

Originally Posted by block911

If you are unemployed, wouldn't a lower cost of living be to your benefit? Getting a job at McDonalds for minimum wage would not be enough to even rent an apartment. Flipside in NC or TX, you can get a 1 bedroom apartment and food.