Northern New Jersey Seeing Rising Home Vacancies

Northern New Jersey Real EstateA growing number of houses and apartments sit empty in North Jersey, a result of the four-year-old housing bust. From affluent to middle-class to poor neighborhoods, the percentage of vacant homes was higher in 2010 than in 2000, according an analysis of U.S. census data by The Record.

The vacant homes include a Saddle River Victorian that an investor hoped to flip; newly constructed Waldwick town homes, and boarded-up, bank-owned houses in Paterson. And then there are the rentals that, in more prosperous times, would have been filled with new college graduates starting their careers.

“We’re still suffering from the downturn in the housing market that started in 2007 and 2008,” said Dan McCue, an analyst with Harvard’s Joint Center for Housing Studies.

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Full Story from NorthJersey.com

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