Reeling from a major decline in home prices, New Jersey homeowners are hoping that the worst of the real estate crash is over. But a massive inventory of foreclosures that have not yet been formally taken back by the banks sit vacant waiting as part of the shadow inventory to be accounted for by lenders.
The resiliency of New Jersey industry and its location between New York City and Philadelphia puts the state in a potentially strong position for the reemergence of employment stability and a rebound in housing. However, any sort of real recovery is dependent upon an increase in employment, which is only materializing slowly in the region.
The over supply of homes listed on the market in Newark has been reduced slightly as a result of low mortgage rates, and pent up buying activity. But a marginal increase in home sales isn’t enough to swing the market into a sustained recovery. Home sales should improve over time, but only as prices slip further, forecast to decline 3.7% in 2012.
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