Real Estate in MA is still moving. There are pockets of good and not as good. Last year the Attorney General of MA put foreclosures on a 90 day hold. It appears that had both a calming affect and now a downward influence on pricing once again.
As many of those properties that the banks could have foreclosed on, are now being taken by banks, prices are seeing another decrease. The number of owners learning how to "ask for the note" when their property is in foreclosure is increasing so we may see another delay in the foreclosure process. Maybe by the time those are resolved, the anticipated interest rate decrease will have happened and buyers will be solidifying the market.
The OFHEO report from the end of last year wasnt too good for real estate MA. Areas around Boston and even in some parts of Cape Cod showed decreases in pricing. There were some positive areas though as there are in any market.
The new numbers from the OFHEO come out soon for the starting quarter of 2009. It will be interesting to filter through that report and see what they say is happening.
Heath Coker, Owner of Cape Group Real Estate
www.CapeGroup.com / capegroup@capegroup.com
508-548-8888 Licensed in MA
Its a beautiful day on Cape Cod!
@CapeGroup
REindex.com, The Site Engine®
508-495-1000 reindex@reindex.com
See our 2 Minute YouTube www.REindex.com/WhatIsREindex.html
@RealEstateIndex
Yes this is a good example what happens when government step in to the private business and free market. I expect the same happens nationwide when banks unfreeze the foreclosures and Obama's modification plan is over.
We'll see.
I can't wait to see. It is very interesting on the market today.