Is The Bergen County Housing Market Heading for A Boom?

Is The Bergen County Housing Market Heading for A Boom?

It seems that almost every economist is in agreement that the housing market is finally rebounding, and while many believe this emerging housing recovery will produce only slow and modest improvement in home prices, construction and jobs, others believe the rebound will be much stronger.

Barclays Capital put out a report recently forecasting that home prices could be back to peak levels as soon as 2015.

“In our view, the housing market had undergone a dramatic over-correction during the prior five years, resulting in pent-up demand for housing purchases that would spark a rapid rise in housing starts,” said Stephen Kim, an analyst with Barclays, in a note to clients.

In addition to what Kim sees as a big rebound in building, he’s bullish on home prices, expecting rises of 5% to 7.5% a year.

If such bullish predictions  will in fact take place then  affluent towns in Bergen County such as Alpine, Tenafly Demarest, Cresskill and Closter , that saw a steeper climb in prices and in demand during the peak years ,  may soon start seeing  a stronger come back to those peak levels.