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Home Value Forecast: Are Foreclosures Really a Good Thing for the New Jersey Housing Market?

Report Shows Good and Bad Side of Foreclosures in Garden State

March 27, 2018, WALTHAM, Mass. — The Wall Street Journal is reporting that a recent flurry of foreclosures is good for the New Jersey housing market. This month’s Pro Teck Valuation Services Home Value Forecast concludes that, while added inventory can be beneficial, the full story is not so simple.

The WSJ article — Why New Jersey’s Soaring Foreclosures Are Good for the Housing Market — suggests a surge in foreclosures can be “a boon” for the Garden State’s housing market. However, a closer look at market trends and data shows that may not be the case.

“While more inventory is a good thing for a healthy housing marketplace, foreclosures mostly benefit investors who make them into rental properties,” said Tom O’Grady, CEO of Pro Teck. “The impact to other homeowners is not always positive.”

Pro Teck’s analysis examines market data in Newark and Jersey City — two areas seeing very different impacts as a result of foreclosures.

Click here  to read the entire forecast, including data and graphs that further highlight market trends discussed in this release.

About Home Value Forecast

Home Value Forecast (HVF) is brought to you by Pro Teck Valuation Services. HVF provides insight into the current and future state of the U.S. housing market and delivers 14 market snapshot graphs from the top 30 CBSAs.

Reporters interested in national, regional or metro level housing data tailored to meet story needs, please email your inquiry to mediarequest@protk.com.

Media Contact: Thomas Hoff, Pro Teck Valuation Services
781-314-1669 or tom.hoff@protk.com