Sales of existing homes posted an unexpected increase in December 2008 according to the latest figures from the National Association of Realtors. Buyers have been taking advantage of dramatically lower prices, particularly in distressed areas of California, Florida, and Nevada, where foreclosures have swamped the market.
The median sale price nationwide dropped to $175,400 in December, down 15% from the year before. The December figure is the lowest since May 2003, and the 15% decrease is the largest year-over-year drop since record-keeping began in 1968.
Monday, January 26, 2009
Thursday, October 30, 2008
Rents on the Rise
According to an October 30 article in The Boston Globe, Boston-area rents jumped 4.2% over the past 12 months, the largest increase in 7 years.
Why are rents rising? Because demand for rental units is increasing, partly due to the new tougher lending standards (which have forced many potential first-time homebuyers to continue renting instead) and partly due to the wave of foreclosures (which has forced many homeowners back into the rental market).
Why are rents rising? Because demand for rental units is increasing, partly due to the new tougher lending standards (which have forced many potential first-time homebuyers to continue renting instead) and partly due to the wave of foreclosures (which has forced many homeowners back into the rental market).
Thursday, September 25, 2008
Foreclosures Down Slightly in August
998 foreclosure deeds (the final step of the foreclosure process) were recorded in Massachusetts in August 2008, down 2% from August 2007 levels. Petitions to foreclose (the first step in the process) were down even more dramatically in August. There were 943 such petitions filed in Massachusetss in August this year, compared to 3,112 in August last year - a drop of nearly 70%.
Tuesday, September 23, 2008
MA Home Prices Hit 6-Year Low
The median price of a single-family home in Massachusetts dropped 9% in August, sinking to the lowest price for the month of August in 6 years, according to a new report from The Warren Group. The median sale price for single-family homes in August was $323,000, compared to $355,000 in August 2007. That figure is the lowest price for August since 2002, when the median sale price was $297,500.
The median home price year-to-date in 2008 is $318,000, down 9.1% from the same time period in 2007. And total sales year-to-date are down nearly 17% from 2007 levels.
The median home price year-to-date in 2008 is $318,000, down 9.1% from the same time period in 2007. And total sales year-to-date are down nearly 17% from 2007 levels.
Thursday, July 10, 2008
Holbrook Prices at 2002 Levels
The median sale price for a single-family home in Holbrook was $242,000 in the first six months of 2008. That represents a 21% drop from the first six months of 2007, and is the lowest figure since 2001, when the median sale price was $189,450.
Here are the recent median sale prices in Holbrook for the first 6 months of each year:
2000 - $171,900
2001 - $189,450
2002 - $244,900
2003 - $260,000
2004 - $301,250
2005 - $310,500
2006 - $317,000
2007 - $305,050
2008 - $242,000
From 2000 - 2006, the median sale price increased by 84%. Since 2006, the median sale price has dropped 24% in two years.
Here are the recent median sale prices in Holbrook for the first 6 months of each year:
2000 - $171,900
2001 - $189,450
2002 - $244,900
2003 - $260,000
2004 - $301,250
2005 - $310,500
2006 - $317,000
2007 - $305,050
2008 - $242,000
From 2000 - 2006, the median sale price increased by 84%. Since 2006, the median sale price has dropped 24% in two years.
Tuesday, July 1, 2008
Foreclosure Update
There was good news and bad news on the foreclosure front here in Massachusetts recently.
A new state law that took effect May 1 has postponed the first step in the foreclosure process for many homeowners, as it requires lenders to give borrowers 90 days to "cure" a default before filing a formal "petition to foreclose". As a result, petitions to foreclose dropped nearly 90% in May. There were "only" 390 petitions to foreclose filed in May, compared to 3,327 the month before.
On the "bad news" side, foreclosure deeds (the final step in the foreclosure process) broke another record in May, and have more than doubled so far this year. There were 1,405 foreclosure deeds recorded in May 2008, an increase of 108% from May 2007. So far this year (through May 31), there have been 5,576 foreclosure deeds recorded in Massachusetts. That's a 140% increase over 2007 levels, when there were 2,327 foreclosure deeds recorded in the first five months of the year.
A new state law that took effect May 1 has postponed the first step in the foreclosure process for many homeowners, as it requires lenders to give borrowers 90 days to "cure" a default before filing a formal "petition to foreclose". As a result, petitions to foreclose dropped nearly 90% in May. There were "only" 390 petitions to foreclose filed in May, compared to 3,327 the month before.
On the "bad news" side, foreclosure deeds (the final step in the foreclosure process) broke another record in May, and have more than doubled so far this year. There were 1,405 foreclosure deeds recorded in May 2008, an increase of 108% from May 2007. So far this year (through May 31), there have been 5,576 foreclosure deeds recorded in Massachusetts. That's a 140% increase over 2007 levels, when there were 2,327 foreclosure deeds recorded in the first five months of the year.
Friday, June 27, 2008
Sales and Prices Continue to Drop
Single-family home sales in Massachusetts continued their steady decline in May, falling nearly 13% compared to May 2007 according to a report released earlier this week by The Warren Group.
There were 3,739 single-family home sales in May 2008, a drop of 12.7% from 4,284 in May 2007. Year-to-date sales (through May 31) are down 20.4% from 2007 levels, from 17,372 last year to 13,822 so far this year.
The median sale price also dropped 7.8% in May ($322,500 this year, compared to $350,000 in May 2007) and is down 8.6% year-to-date.
According to Timothy Warren, CEO of The Warren Group, "The first sign of a recovery in the housing market will be a rebound in home sales. We're not there yet, but this is the second month in a row that sales have shown smaller declines than we've been seeing since the last quarter of last year."
There were 3,739 single-family home sales in May 2008, a drop of 12.7% from 4,284 in May 2007. Year-to-date sales (through May 31) are down 20.4% from 2007 levels, from 17,372 last year to 13,822 so far this year.
The median sale price also dropped 7.8% in May ($322,500 this year, compared to $350,000 in May 2007) and is down 8.6% year-to-date.
According to Timothy Warren, CEO of The Warren Group, "The first sign of a recovery in the housing market will be a rebound in home sales. We're not there yet, but this is the second month in a row that sales have shown smaller declines than we've been seeing since the last quarter of last year."
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