New Jersey

With the New Jersey hype going ballistic this year, most people automatically think of Jersey Shore, Jerseylicious, Snooki, The Situation, tanning and Italians when the state is mentioned.  If you have no idea what I’m talking about, you must be living under a rock because Jersey is all the rage right now, and with the state being a novelty item, you would think that the state would be doing well right now, but no.  It is not.

New Jersey is currently experiencing a lot of foreclosures (lucky for whoever paid their property tax!) and its predicted that many residents of NJ will have to leave the state.  I know, you’re all probably thinking,” why don’t they just pay off their property tax when its due?”  Well, its not that easy.  Unemployment rates are constantly on the rise which means that people are tapping in their savings, and some people don’t save up for a rainy day..which can be bad.  If someone can pay off their property tax and give them a redemption period of 2 years (the redemption period for Elizabeth, NJ) so that they don’t get their electricity and water cut off, then so be it.  People need to prioritize when money is low and unfortunately, even with 2 years of a grace time, people still can’t find jobs to support themselves.

Oh yes, and the article can be found here.

Please note that on the bottom of the article, it CLEARLY states in the very last paragraph that, “Economist also reveal that around 15% of homeowners in the state have underwater mortgages, which means that they pay higher rates for their loans that the worth of their properties. They further reveal that those who own bank foreclosed properties and tax lien government foreclosures are the most likely to stay in the state for quite some time.”

Yep.  I guess now is the time to get on tax lien certificates because unemployment will be working in our favor.  Terrible, but true.