New Jersey planning to purchase homes in danger of foreclosure

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Gov. Jon Corzine today said the impact from the recent stock market plunge and credit crisis has yet to be fully realized and will likely bring "rising levels of unemployment," adding New Jersey may even try to purchase homes to protect residents from foreclosure.

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"We're going to do some on-the-ground purchases of homes," he said. He vowed to "protect neighborhoods" from being devastated by large numbers of foreclosures, which lower the values of nearby houses.

http://www.nj.com/news/index.ssf/2008/10/c...ill_help_p.html