An article recently published by Philly Purge showed some insight concerning the epicenter of the deteriorating real estate market surge in the United States. The surge is today shifting to New Jersey and is menacing the rebound of housing in this densely populated region. A study conducted by Zillow showed that New Jersey is one of the few states with the highest shares and rates of residential mortgages. Most of these mortgages are in foreclosure and highly delinquent. According to economist and real estate experts, the trend in New Jersey is considered to have a significant impact on the country as a whole. They say that the market is dragging down the entire country. Nevertheless, most of them argue that dropping of the delinquency and rates of foreclosure can give a reflection of the various positive outcomes of a stringent post-crisis event including better basic and fundamentals such as increased employment rate, household formation, and gains in home prices.
On the other hand, Economist such as Lawrence Yun explains that the shortage of housing is expected to alleviate and might even turn into a housing crisis if the housing demand surpasses the supply. Lawrence explains that aspects such as deficiency of homes for sales and auction and the rapid pace of selling newly-built houses are a clear indication that there is a crisis; hence the housing state in regions such as New Jersey could change from bad to worse. Most of the houses in most towns in New Jersey have been in high demand leading to skyrocketing of the prices. The cities within the New Jersey that are within minutes to NJ Transit station have incredibly attracted more prospective buyers. This effect is expected to push the housing demand further. For more details visit Bloomberg.
To save the worrying state of real estate in New Jersey, there has been a rapid growth of many developments and contracting companies. However, most of these businesses have been rendered to be unreliable mainly due to inadequate experience in the field. There are only a few companies that can be relied on and one of them is Boraie Development. The company was founded by the visionary Omar Boraie and has been in existence for more than two decades. The performance of the company in New Brunswick has been exemplary. Mr. Omar has significantly transformed New Brunswick from almost a bare land to a New York City-style city. Omar believes that the city will in the future become New Jersey’s version of Cambridge or Ann Arbor.