The casino closures in Atlantic City have affected the local housing market, resulting in a number of short sales and foreclosures, but it has presented a chance for people to move into the area at a cheaper price.
The housing market is very busy right now because interest rates are still low. People are selling their homes because they're either moving out of the state and downsizing or because they're "upside down" on their homes," said Nancy Van Riper of Keller Williams Realty, meaning people owe more than their house is actually worth.
Having low interest rates is a positive thing since people can buy houses at a cheaper price and move into the Atlantic County, Van Riper said. Investors are also buying up the cheap houses, renovating them and either selling or renting them.
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