As the real estate market continues to escalate, the volatility we are seeing is having a real impact on New Jersey. New Jersey is a highly populated state that, according to a report in www.phillypurge.com, is currently seeing some of the most alarming foreclosure and mortgage delinquency rates anywhere. This trend could make for a seriously negative impact on the housing rebound that’s been celebrated recently.
According to Rutgers, one of the big factors in today’s real estate world is the overall housing shortage. A boom in the creation of new homes, according to www.phillypurge.com, would be the best cure for the situation. The other complication, however, is that there is currently a blockage in the building permit department in New Jersey which is causing a bottleneck. The concern is that if this situation is suddenly resolved, it could result in a wave of home sales that could bring prices down, adding to the problems New Jersey is facing.
A Possible Real Estate Renaissance
Even with the complications New Jersey is facing, real estate has a lot of good news to share. There are many new housing and commercial/retail developments due to open in New Jersey soon, and homeowners are looking to the success of these projects to bring added value to their homes. Many of New Jersey’s newer homes are sure to appreciate, and all of this could spark a kind of real estate renaissance in the state led by Omar Boraie.
The Impact of Boraie Development
Another factor in the overall improvement of New Jersey is the Boraie Development Company. This developer has spent over twenty years building successful properties in New Jersey, mostly using private funds from investors. Check out Crunchbase to know more.
This company has a long-held faith in the future of New Jersey as an urban center that can attract up-and-coming young professionals. With Boraie’s many attractive retail and housing projects in New Jersey, the company has really made a statement about the value of property here. All of this has a positive impact, as this state regains its luster and its allure to young professionals and investors as well.