Bayonne the new Foreclosure country?? (Harrison: for sale, apartment, mortgage)

[Rollingon]

I am house hunting and have been looking at this area along with a few other areas in NJ.

My research on realty sites shows that quite a few people are putting up their homes for sale. Being one of my favourite areas under consideration I was wondering what is the reason behind the reality slump in Bayonne.

1. Has the property taxes been revised on the higher side?
2. Any particular development on the local level that people dont agree with?
3. Since I thought Bayonne was a success story in the making why the sudden hiatus of all those local to Bayonne.

While on the topic, I also learnt some conflicting information - that is Bayonne had a downward revision in taxes.

What do the local think?

[Zoila]

I have family in Bayonne and the taxes are just as high as in other parts of Jersey, but water bills seem to be a concern.
There is a big percentage of 2 family homes in Bayonne and with the bad economy a lot of homeowner have lose their tenants and with a vacant apartment if very hard to make mortgage payments. Therefore they are being forced to sell.

[GiantRutgersfan]

are pricing coming down more in the area? I know they were already relatively cheap for NJ, but if they have gone down even more, it could be a very good area to buy into

[Rollingon]

Originally Posted by GiantRutgersfan

are pricing coming down more in the area? I know they were already relatively cheap for NJ, but if they have gone down even more, it could be a very good area to buy into

Given the fact that Harrison too is expecting a lot of redevelopment work, how would you compare the future of Harrision vs that of Bayonne