NJ is #6 of 10-Worst States for Retirees

[this_is_nascar 162]

http://money.msn.com/retirement/10-worst-states-for-retirees

[blksheep 466]

Thats why I am taking (hopefull) my pension and spending it in another state when I retire.

[Tactical Turtle 11]

Thats why I am taking (hopefull) my pension and spending it in another state when I retire.

Me to, long shot for me 24 more years

[EX Carnival man 223]

I just got back from Florida. Now I really want out of NJ. One day soon I will be a free Americian.

[Red Solo Cup 11]

I honestly don't see how I'm ever going to be able to sell my house with the current property tax rate here (revalued in 2010).

There are already 2 houses in my neighborhood that have been abandoned by their owners, but not foreclosed.

I've checked the county records database, both have had NLP's filed but no foreclosure.

Another guy who I believe had substantial equity in his house just moved and rented his house to five young guys...good luck with that.

The lack of comp sales makes it hard to do a tax appeal. Every listing is too high.

One guy who bought for 370k is listed for 307.5k, I think that is the only realistic listing.

[RedBowTies88 41]

There seems to be a geographical trend...

[RubberBullets 65]

I honestly don't see how I'm ever going to be able to sell my house with the current property tax rate here (revalued in 2010).

There are already 2 houses in my neighborhood that have been abandoned by their owners, but not foreclosed.

I've checked the county records database, both have had NLP's filed but no foreclosure.

Another guy who I believe had substantial equity in his house just moved and rented his house to five young guys...good luck with that.

The lack of comp sales makes it hard to do a tax appeal. Every listing is too high.

One guy who bought for 370k is listed for 307.5k, I think that is the only realistic listing.

 

If you bought at the height of the market, be prepared to stay for quite some time. I bought as the market had already peaked and was slowly declining and I find my property value considerably less then purchase cost. The ONLY light at the end of the tunnel is that as history proves, the housing market is cyclical and prices ALWAYS eventually go up. Some get lucky, buy their homes cheap and sell to make a considerable equity profit later down the line. Most folk that bought from 2002-2006 will be lucky to break even if they stay in their homes long enough. But again, being as optimistic as I usually am, all prices of homes eventually increase, so if you can tolerate living in NJ (meh) long enough, you will be able to recoup costs down the road.

[this_is_nascar 162]

I've been very vocal in the past about this entire housing thing and it always gets me into trouble. For decades, home buyers have always gone with the premise that housing prices will go up. Because of that "theory", people had no problem paying more than they can afford for thier house and the banks had no problem lending to someone that had no business having such a large mortgage. Fast forward to today and you have folks crying that the value of their houses are considerably less than what they owe, etc. I'm really sorry to here that, but that's your issue and shouldn't be made mine. I did the right thing years ago and purchased a home that was within my means. I purchased, let's just use this for an example, a home for $100k when every bank and mortgage company tried to sell me something for $350k-$500K. Could I have swung those payments? Probably, but would have been living from paycheck to paycheck, with not much wiggle room for unplanned expenses. So instead, I do the right thing, purchased smaller/cheaper, pay off my mortgage and have a small house that's mine.

 

I'm a bit tired of hearing people wanting a "ball-out" to pay their mortgage, a mortgage they had no business taking to being with. Those people wanted to live outside their means when "times were good" but want help now that housing prices went down? F*ck that. There has never been a guarantee that housing prices would continue to go up. You took a chance, a gamble and have lost for the time being. Why should the folks that did the right thing be screwed?

[Red Solo Cup 11]

The problem as I see it, is lack of credit availability due to lack of jobs.

I don't see that improving enough in the next 10 years to help things out.

If prices go back up for houses, tons of supply will come onto the market.

As it is people selling are either desperate or "not serious" in their pricing (IMHO..trying to get 2010 prices in 2012).

Granted NJ is in better shape than some places due to bleed over of wall street money into the state (untaxed, alas).