Posted by ME/NJ on 5/17/12 12:15pm
Msg #421107

What NJ not number 1 (yet)

Highest taxes, car insurance, rent and so on.. but number 2 in this

http://www.app.com/article/20120516/NJNEWS1002/305160091/N-J-foreclosure-inventoryspikes-2nd-most-nation

Reply by Linda_H/FL on 5/17/12 12:40pm
Msg #421109

HAH!! I KNEW someday I'd beat you at SOMETHING Mike..:) n/m

Reply by NJDiva on 5/17/12 1:02pm
Msg #421111

Wow, that's scary. How will that affect our business?

Or will it?

Reply by ME/NJ on 5/17/12 1:14pm
Msg #421115

It will lower property values even more making it harder

100k upside down right now on my home, I pull up the foreclosure map for my are and seems every other home is in one step or another in foreclosure and by the end of this year if I don't lose another 25K I will consider it good.

Media hyping we are doing better, but the facts say other. Rates have dropped to there lowest levels today don't you think everyone wants a loan. Fact is if the banks need to push the inventory so we can bottom out and start new again but with elections coming up its not going to happen. 2012 anyone with a good app is going to be pushed through the pipe line.

I see 2013 as 2008 if not worse, so pay your bills and put money away if you can and keep you're eyes open.

Reply by NJDiva on 5/17/12 1:17pm
Msg #421118

YIKES! OUCH...on the bright side? hmmmmmm n/m

Reply by MW/VA on 5/17/12 1:44pm
Msg #421125

I'm not sure how they arrive at those statistics. IMO many states, like Michigan, peaked on their foreclosures a while back. Other areas are now being affected by the continuing drop in values. I don't know what I'd do if I was in your situation ($100K upside down), but you have to live somewhere, right? I thought there were reports that this year would be a rough one for defaults & foreclosures.
I know values in my area are down about 25% & dropping. :-(