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.
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