NJ foreclosures up 49% over last year

by: Jason Springer

Fri Sep 12, 2008 at 11:04:55 AM EDT

More difficult news from the basically strong economy:

Foreclosure filings in New Jersey rose 49 percent in August compared to a year ago, well above the national average, according to fresh data from a firm that tracks the information.
The state had 6,475 filings -- default notices, scheduled sheriff's sales, bank repossessions -- during the month, a rate of one filing for every 536 households, Irvine, Calif.-based RealtyTrac found. In previous months, the counties hardest hit by foreclosures have been Mercer, Sussex and Union, according to the firm.

It's clear people are struggling, but the national campaigns are too busy arguing over who said what, when and how they meant it. This is the type of bread and butter issue they need to be focused on. Most voters have a friend or know a neighbor who is struggling, about to lose a home or has already gone through that process. Instead, we're getting lipstick.

Jason Springer :: NJ foreclosures up 49% over last year

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NJ foreclosures up 49% over last year | 3 comments

Deregulation Caused This.... (0.00 / 0)

Banks and various "financial entities" wanted the "freedom" to do as they pleased and this is the result.

The money went somewhere. Hundreds of billions of dollars were ripped off and lot's of people made lots of money.

And, of course, many of those same people will now be buying up all the "distressed properties" they created.

It's a legalized criminal con job folks. In an environment where these kinds of manipulative flim flam shenanigans would land you in jail, none of this would have happened.

And now, it's ordinary working people that will have to pay the taxes to bail out the companies that screwed us, Americans invested in Fannie and Freddy will take a loss.....meanwhile, the Chinese shareholders are protected.

And the fucking stupid asinine Republican mantra remains the same. "Cut taxes on the rich and more de-regulation."

Elections have consequences.

by: Nick Lento @ Fri Sep 12, 2008 at 16:53:32 PM UTC

This has been (0.00 / 0)

building up for so long. There are still shows on TV called "Flip This House" and the books on how to "Make a Fortune in Real Estate" out there. Everyone jumped on the bandwagon that the value of homes would forever go UP and that the only real way to make money in this economy was by buying and selling real estate. Greed took over. It was impossible to buy even a tiny fixer-upper. The bargains were bought up by speculators, knocked down and replaced with million dollar homes.
Unfortunately, the people who got hurt are the ones who saved hard for their homes, planned on being there for years, and then lost their jobs, or got sick and didn't have good enough health insurance and just got hit by higher costs of everything.

The people who were supposed to be overseeing the industry served us very poorly. The lenders who used predatory lending techniques served their borrowers poorly by letting them get so far in over their heads that it resembles the scene in Upton Sinclair's The Jungle. In The Jungle, every week it seemed, the bank took back a home, slapped a new coat of paint on the place and sold it to another unsuspecting buyer that would pay until illness or injury made them default - and the cycle would start all over again. We have learned nothing in the past 102 years.

George Bush has brought back the Gilded Age, right down to the foreclosures and the spoiled, E Coli riddled beef.

One Vote. Yours. It really does matter.

by: carolh @ Fri Sep 12, 2008 at 19:45:44 PM UTC