IS YOUR STATE BROKE? CHECK OUT THE TOP TEN LIST

IS YOUR STATE BROKE? CHECK OUT THE TOP TEN LIST

TOP 10 BROKE STATES

  1. CALIFORNIA
  2. OKLAHOMA
  3. ARIZONA
  4. ILLINOIS
  5. HAWAII
  6. NEW JERSEY
  7. NEW YORK
  8. NEVADA
  9. COLOARAD
  10. MICHIGAN

This list was supplied by Diane Kennedy

I know the news has been focused on California for the past six months about their fiscal deficit. However, there are nine other states that have the same problem. However, they are not in news. The numbers do tell all. Personally, I live in Arizona. The state continues to go through fiscal struggles due to the real estate market being hit so bad. The real estate industry makes up forty percent of the overall state economy. Do you think they would diversify into other industries to spread the risk? A state's fiscal budget is their report card. We have ten states failing at this time. It will be a roller coaster for the next few years. Hold on tight! Be fiscally sound in your own personal business to ride out the storm. Do not expect any bailouts to help you.

What are your thoughts on this list? It would be great to receive feedback from people that live in these states.

 

 

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Comment balloon 16 commentsHarry F. D'Elia • January 03 2010 07:49AM

Comments

South Carolina has had there share of broke problems in the past. Now they are spending TARP money like crazy and saying the budget wont meet.

Posted by Chip Jefferson (Gibbs Realty and Auction Company) almost 10 years ago

Yeah, We're lucky number seven broke on that list here in NYC...

Brother, do you have a dime?

Have a happy, healthy and properous New Year my friend!!!

Posted by Luke Constantino, Residential/Commercial Real Estate Brooklyn NY (Brooklyn/Manhattan Real Estate) almost 10 years ago

Luke fellow NYer here. I know the problem there

Posted by Harry F. D'Elia, Investor , Mentor, GRI, Radio, CIPS, REOs, ABR (RentVest) almost 10 years ago

Laura-TARP money is going to save us. It is still tax money we buy into

Posted by Harry F. D'Elia, Investor , Mentor, GRI, Radio, CIPS, REOs, ABR (RentVest) almost 10 years ago

I am surprised and relieved not to see Florida on the list. We don't have a state income tax and have been hit hard by the decrease in values (and tax revenues) in real estate.

Posted by Barbara Jenness, St. Augustine FL Real Estate (Barbara B. Jenness, P.A. - St. Augustine, FL) almost 10 years ago

Barbara-FL expected to be on 2011 list-just joking

Posted by Harry F. D'Elia, Investor , Mentor, GRI, Radio, CIPS, REOs, ABR (RentVest) almost 10 years ago

Life hasn't changed in CA despite all the "broke attention" we receive. Great weather and great values for home buying now.

The state sales tax was increased 1% to help our state, but facts are that we are not alone.

I wish the best for everyone but fear that the current admisistration and legislative wildcards could make that number of 10 broke states turn into 52.

Posted by Michael A. Caruso (Surterre Properties) almost 10 years ago

Great input from CA thanks Michael

Posted by Harry F. D'Elia, Investor , Mentor, GRI, Radio, CIPS, REOs, ABR (RentVest) almost 10 years ago

Thanks to the medical and military development, Maryland is looking strong. A great place to call home.

Posted by Ellie McIntire, Luxury service in Howard County & Catonsville (Ellicott City Clarksville Howard County Maryland Real Estate) almost 10 years ago

In a long run this means igher taxes. There is no doubt about it.

Posted by Judi Baker (Long Realty Company) almost 10 years ago

Ellie we have medical and government contracts in AZ

Posted by Harry F. D'Elia, Investor , Mentor, GRI, Radio, CIPS, REOs, ABR (RentVest) almost 10 years ago

Taxes will be going up

Posted by Harry F. D'Elia, Investor , Mentor, GRI, Radio, CIPS, REOs, ABR (RentVest) almost 10 years ago

Harry, Virginia is also having budget problems this year. I'm surprised we're not on the top ten list.

Posted by Michael Setunsky, Your Commercial Real Estate Link to Northern VA almost 10 years ago

Harry This is a list no one wants to make.  Sadly New York made it.

Posted by Jennifer Fivelsdal, Mid Hudson Valley real estate connection ( JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571) almost 10 years ago

Fellow NYer here. It has always been on top ten list

Posted by Harry F. D'Elia, Investor , Mentor, GRI, Radio, CIPS, REOs, ABR (RentVest) almost 10 years ago

I really enjoyed your post on this one this morning. Have a great week

Posted by Eric Villaverde (DoubleTree Home Inspection Services L.L.C.) almost 10 years ago

Participate