Atlantic City is Immune

It seems like almost every real estate bubble article has a quote by a realtor explaining why the area they live in is immune to falling prices. In Atlantic City it's casinos, in Phoenix its the weather, in Miami its foreign buyers, in Alabama, its the sunny gulf coast.


"A recent survey says the land in and around two southern New Jersey towns is some of the most overpriced real estate in the nation, and is among the most at risk of price declines.

The national study by Cleveland-based bank National City Corp. concludes that both the Ocean City and Atlantic City regions are among areas that are "extremely overvalued and confront a high risk of future price correction," according to National City's 96-page report "Housing Prices in America," written by bank Chief Economist Richard J. DeKaser.

The two areas are also the most overvalued places in the state, the survey said, outstripping the population centers of northern New Jersey. The survey found the entire state overvalued."

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