Today, the Federal Reserve Bank of New York issued a paper entitled "A Look at New Jersey’s Subprime Mortgages in Foreclosure," ranking New Jersey 5th among states in subprime mortgages in foreclosure (per 1,000 housing units), exceeding the U.S. ratio. Hudson county ranks 5th in these categories within the state. Four pages worth reading:
http://www.ny.frb.org/newsevents/news/regional_outreach/2008/facts_trends.pdf
Just what Hoboken's tax roll ordered! New York City rate of layoffs increases, NJ state budgets are under pressure and the City of Hoboken is selling off land to balance budgets - badly, at that!
Where and how does property value fall into place here in Hoboken?
It's the AFFORDABILITY stupid!
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