The United States housing crisis is shifting its focus to New Jersey hence raising more fears on the resurfacing of the housing problem in the U.S. One Real estate tracking company in a report indicated that New Jersey was increasingly creating a gap with other states regarding shares and rates of residential mortgages that are in foreclosure. Consequently, the real estate industry in New Jersey costs the country a lot.
Nonetheless, there has been a decrease regarding interest rates as well as foreclosures which have been contributed to the stringent rules that were put in place.
Lawrence Yun, an economist at the National Association of Realtors, admits that there is an increase in the demand for housing and that if the problem is not going to be addressed soon enough, it will soon turn into a housing crisis. The fact that there is an inadequacy of houses in the auction market and even people are not able to access new houses is a worrying trend. This means there are thousands of house entering the market every year with an urgency to sell them without ready buyers. If such a trend continues it means things in New Jersey will get from bad to worse.
The other thing worth noting is that New Jersey is at a point where real estate is at its peak. This is mainly attributed by the fact that the price of houses has been projected to increase in the next few years. That is probably why most real estate companies are rushing to build as many homes as possible and cash it from prospective buyers. New Jersey’s real estate industry was largely affected by the Great Recession, and it is only recently when the demand for housing has suddenly gone up even in remote places. This is the reason why most people are taking advantage to set up new buildings and apartments. For more details visit Crunchbase.
About Boraie Development
New Jersey has attracted various construction and real estate companies who are keen on improving the housing status of the town. Considering its long-term experience of over 20 years in construction, Boraie Development is one of the most sought-after companies in New Jersey. The company mainly uses private capital as its major source of funding, and that is probably why it gets a lot of attention in New Jersey. Boraie Development provides a wide range of construction and development services which are meant to ease the cost burden from its clients. Check out their website boraie.com