In a piece for HousingWire, Eric Fox, vice president of statistical and economic modeling at Veros Real Estate Solutions, outlines the tough situation in which the Atlantic City, N.J. housing market finds itself.
According to his company’s VeroFORECAST, which projects real estate appreciation in 342 MSAs over the next 12 months, the Atlantic City-Hammonton MSA ranked last in March. It has a projected -2.9% depreciation.
Low demand for housing, with a current supply around nine months and rising, has kept our predictions for Atlantic City-Hammonton in negative territory for years. The population has been declining for decades and its 6.4% unemployment is nearly two-and-a-half percentage points above the national average.
The Atlantic City-Hammonton metro area's -2.9% depreciation is the highest amount forecast, leading eight more in negative territory: Joplin, Missouri (-1.4%), Goldsboro, North Carolina (-1.1%), Longview, Texas (-0.8%), Peoria, Illinois, (-0.6%), Trenton-Ewing, New Jersey (-0.6%), Springfield, Illinois (-0.5%), Vineland-Millville-Bridgeton, New Jersey (-0.5%), and St. Joseph, Missouri/Kansas (-0.1%).
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