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.
Thursday, July 10, 2008
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.
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