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Post by jeffolie on Nov 25, 2008 18:14:07 GMT -6
Frankly I did not expect States to go bankrupt until The Crisis in the Fall of 2009. ========================== The state of New Jersey is insolvent. Bankrupt might be a better word. New Jersey is $60 billion in the hole on pension funding and the Governor is planning on skipping payments in a "pension payment holiday" until 2012 so as to not increase property taxes. To top it off, the ongoing plan assumptions are 8.25%. Sorry NJ, that simply is not going to happen. The Star Ledger is reporting New Jersey pension funds lost $23B so far this year. "Property taxpayers will shoulder an even greater tax burden in the three years following the gubernatorial election as municipalities raise taxes to pay for this year's pension obligation," globaleconomicanalysis.blogspot.com/2008/11/state-of-new-jersey-is-insolvent.html
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Post by jeffolie on Nov 25, 2008 18:39:59 GMT -6
Foreclosure filings on New Jersey properties hit 8,473 in October 2008. That's a 75 percent increase over filings for October 2007 (4,844).
"I've been doing this job for almost 30 years and it's as bad as it ever was,'' said Spicuzzo. "We were averaging, several years ago, maybe two or three sheriff sales a month. Now, we're scheduling about 50 a month on average.
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Post by waltc on Nov 25, 2008 20:33:01 GMT -6
CA has NJ beat on foreclosures. Just in my area 50 miles East of Los Angeles there are 12,000 homes in foreclosure.
In other nearby communities:
San Bernadino - 10,000 Bakersfield - 9500 Victorville - 6000 Riverside - 6755
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