The U.S Real Estate industry is quickly turning its attention to New Jersey. This move is likely to increase the number of houses in an area which is already overpopulated. Data from the housing sector indicates that New Jersey takes the lead when it comes to mortgage uptake and the trend has had negative effects on the general real estate industry. Compared to other States, New Jersey also has the highest number of foreclosures and hence derailing the efforts by the federal government to make housing affordable and to everyone. Economic experts warn that if that trend continues it would turn into a major crisis not only in New Jersey but other states.
However, a recent survey indicates that there has been a decrease in the number of foreclosures cases in New Jersey. Factors such as increased employment rates, reduction in house prices and formation of households are some of the factors which have led to the positive trends. A chief economist from the National Association of Realtors said that the shortage of housing in places such as New Jersey might soon turn into an emergency if the situation is not addressed soon enough. He said that there has been an increase in the demand for houses and yet the supply remains stagnant. Check out pressofatlanticcity.com
Real estate companies are companies are keeping a close eye on New Jersey based on a recent study which revealed that the price of houses would soon appreciate. The decline in the number of houses in New Jersey is attributed to the Great Recession which drove away most construction companies. Nonetheless, there is hope as many real estate companies are beginning to fill the gap that has been in existence for several years. Most towns in New Jersey are gearing up for the new trend as the prices of the new buildings have drastically gone higher than expected in the past few months. For more details visit Crunchbase.
In bid to bridge the housing gap in New Jersey, most real estate companies are taking advantage of the situation. There are several construction companies trying to have a piece of the cake in the construction sector in New Jersey. Boraie Development is one such company. It is one of the most visible construction companies in New Jersey. The company has been in operation for the past 20 years both in New Jersey and other parts of the U.S. They have a team of professionals who have the interests of clients in their hearts.