Experts Agree, Massachusetts Real Estate Prices are Falling
“Experts say the first signs of a bursting housing bubble include falling sales volume, but prices that don't immediately drop - exactly what the latest Massachusetts real estate figures show.
The Massachusetts Association of Realtors reported yesterday that single-family house sales fell 11.1 percent in May - the worst decline in almost three years. But median house-sale prices actually rose 6.2 percent, hitting $359,900.
Economists say this combination - higher prices amid lower sales volume - is precisely what you'd see in a bubble that's dying.”
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The Massachusetts Association of Realtors reported yesterday that single-family house sales fell 11.1 percent in May - the worst decline in almost three years. But median house-sale prices actually rose 6.2 percent, hitting $359,900.
Economists say this combination - higher prices amid lower sales volume - is precisely what you'd see in a bubble that's dying.”
Continue…
posted by Little_Silvered at 6:08 PM
2 Comments:
Even my landlord mentioned today all the homes close by that are for sale here north of Boston.I been noticing an increaing amount since last fall and many are still for sale.I been also wondering in this mostly middle class neighborhood where all the money is for all these $25,000 to $35,000 dollar cars.Home equity loans??
keep blogging we are reading!!!
I agree about the cars. Despite all the negative press about Ford and GM, car sales have been going great for about 3 years now. I would not be surprised if many of the new car purchases over the past few years have been made with the equity built into people's houses.
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