By Charles Stampul
There are ten reasons why residential real estate will fall in nominal terms in New Jersey.
1. Numerous towns are building “affordable housing” to comply with federal law. This is a boom of supply to hit the market over the next 2 years.
2. A spike in job losses from AI will lower demand.
3. Mortgage rates have bottomed and will now move up.
4. The number of illegal immigrants has been falling, lowering demand and increasing supply.
5. We are now in a short period of asset disinflation.
6. The “housing shortage” notion is a fallacy that mistakes desire for market demand. It assumes that the ratio of people to square feet can not go up.
7. Boomers are dying at a fast rate and leaving their houses behind. 70% of inherited homes are put on the market.
8. Reversion to the mean in both price to rent and home price to income ratios.
9. Demand will fall in New Jersey from buyers taking advantage of price drops in other markets.
10. Large investors are dumping properties due to credit crunch in private capital and to get ahead of a new federal law limiting real estate investing.
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Anyone who is a big earner is bailing out to tax friendly places like FL.
Thanks Murphy, Sherill , and the moron Democrats in Trenton
the thumbs down… must be an overpaid government worker at the public trough