Comments on: As Foreclosures Ravage Jersey City’s Poorest Neighborhoods, Signs of Hope Emerge

By: Jon Whiten

Jon Whiten — Fri, 10 Apr 2009 22:50:01 +0000

Yvonne-
Putting aside your specious blanket statement about who is or isn’t a “long-term resident” based on where they reside, we have to be honest here and admit that refinancing was *not8 done only out of necessity, as you imply. Refis were done by way too many folks when the boom was on, sometimes after being pressured by a bank and sometime just out of “get it for less” mentality. I think the connection between abatements and foreclosures is tenuous at best.

By: Yvonne Balcer

Yvonne Balcer — Fri, 10 Apr 2009 18:54:38 +0000

Homeowners in Ward A (also Ward F) are long-term residents. They are paying a higher tax bill because long term homeowners are not tax-abated. 1/3 of Jersey City properties are tax abated. People refinance their home to pay bills as heating costs and tax increase they are the the ones feeling the greatest burden.

By: Ray

Ray — Wed, 01 Apr 2009 01:34:57 +0000

Love the site.

By: Alb

Alb — Fri, 27 Mar 2009 13:26:02 +0000

I’m sorry about the people who got taken in by the bubble, but, assuming we get through this period without massive bank failures or hyperinflation or something like that, I think the real estate price realignment could end up being a good thing for Jersey City as a whole.

A lot of the many renters here will be using plain vanilla mortgages to buy homes we can afford. In a year or two, we will have substantial home equity built up and a fair amount of disposable income.

Meanwhile, the merchants who’ve survived the crisis will face less competition, and they will carry less debt than merchants used to carry, because the lenders stopped lending. So, in the short run, merchants are in trouble. But, in the long run, the merchants who are still here will have lower costs, less competition and customers with more cash in their pockets.