The following are The Boston Globe Newspaper's real estate headlines for the past six months...all of them (good or bad). You determine for yourself what kind of a market we continue to experience.
THE BOSTON GLOBE
October, '08: Pending home sales rise in August - More buyers are drawn to market by low-priced foreclosure properties
"Some pending home sales may not close because banks are reluctant to lend as property values keep sinking and foreclosures mount."
September, '08: Mass. Home prices, sales fall further
"Economics professor Karl Case said he has scrapped his latest forecast for a housing recovery in early 2009 because of the uncertainties caused by the Wall Street crisis."
September: Homebuilding falls to 17-year low - Starts decrease 6.2% in August, signaling economy weakening
"Builders in the US broke ground on the smallest number of new homes last month in more than 17 years."
September: Pending home sales off by 3.2% in July
"Fewer Americans signed contracts to purchase previously owned homes in July as harder-to-get financing kept would-be buyers from taking advantage of lower prices."
August, '08: Bay State home prices still sliding
"July house prices in the Boston area suffered the largest decline since the current housing market downturn began two years ago, while statewide prices had the biggest drop since 1987."
August: Existing-home sales fall in July - Region's prices drop 5 percent
"In July, existing-home sales in the Northeast dropped about 12 percent when compared with July 2007"
August: Existing-home sales fall to 10-year low - Realtors report median price plunges 7.6% in 2nd quarter as slump deepens
"A third of all existing-home sales in the 2nd quarter were foreclosures or ‘short sales,' in which lenders took a loss on the property."
August: Pending home resales climb 5.3% in June on lower prices
August: With 2 million mortgages in peril, bailout will do little to stem foreclosures
July, '08: Home construction plunges to 17-year low - Drop suggests no end in sight
July: Loan woes eroding confidence - State's slumping housing market could get worse before it gets better
"We are not anywhere near the bottom of this market yet."
June, '08: The price must be right - More than ever, the starting figure is key to quick home sales
June: Home resales rise, prices fall
"The supply of homes for sale remains about twice the level representing a stable market and figures have yet to show any sign of sustained sales gains."
June: May new-home sales fall, orders stall
"Compared with a year earlier, sales of new homes were down 40 percent."
June: State home sales decline in May - Tally hits 18-year low; prices drop 8.6% so far in ‘08
June: Home prices apt to fall much more - US home prices only about halfway through their decline
June: 1 in 11 mortgages deemed in jeopardy - First quarter worst in nearly 25 years
May, '08: Single-family home prices fall sharply in April - Massachusetts median down 12 percent over a year
May: Lenders offer little help in foreclosures - Many reluctant to accept short offers for distressed homeowners
May: Foreclosure filings keep rising in Commonwealth
"Some affluent suburbs among communities with highest rates of foreclosure in first quarter"
May: Condo sales in Boston drop off - Prices are down in a market formerly seen as bulletproof
April, '08: Housing prices keep falling as slump enters its third year
"Sellers lowering expectations to close deals"
"Home sellers in Massachusetts are slashing prices at double-digit rates to close deals"
April: Mass. Foreclosures up 140% in a year
"Almost 1,200 Massachusetts properties were seized in March"
April: Home foreclosure rate shows no sign of abatement - Bank repossessions top 51,000 in March across the country
Regards,
Jay Burnham, VP
Coldwell Banker Residential Brokerage
http://www.NorthShoreRealEstate.com
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