Since 2006,when U.S. housing market entered to a down hill recession, Realty Trac provided 2.3 million American homes have been repossessed. The white house has set aside $75 Billion under the home owner bailout plan ( AKA Home Affordable Modification Programm ), hoping that the $75 Billion will boot the housing market and take the U.S. out of recession.
With nearly one fourth of American homeowners in negative equity, and unemployment rate above 10%, no one can see any light at the end of the tunnel. But may be that is just the whole picture of American housing market, in Boston Massachusetts is a little different that what we have been reported to. The number of home sale in Massachusetts has incressed since May 2009 and continue to grow with number of over asking price sale record. Last month, a house just in the suburb out side Boston received 21 offers the day of open house, with a lot more than money offered than it was asking. And this kind of story, has been repeatedly occured in Boston, Brookline and Newton, MA.
Number one industry in Boston and Surrounding area is education, follow by medical care. Boston is in a high housing demand for students, teachers, doctors, scientist, and related professional. It is almost curtian that this demand won't go away easily, even the rest of the country is in a black hole.
When the price did not go down, it has not gone up much either, real estate in Boston stay where it left in 2006. But demand seem to be elevated by first time home buyer tax credit, it push the price of some area to be even higher. This tren has started for a while but it seem like no one really taking a close look in to it yet. Before we realize, it may be a little too late to huy home at the bottom of this market.
Comments(1)