Mass Real Estate Values Suffer Monthly Collapse
Adam Pasquale
The Massachusetts housing market experienced its worst monthly price drop in more than 20 years as concerns over the slumping US economy and the stock market worried consumers, the Warren Group reported recently.
"The November median home price slumped 16.7 percent to $275,000 from $330,000 during the same month in 2007," said the Warren Group, a Boston firm that tracks local real estate activity and that publishes Banker & Tradesman. "November’s percentage decline exceeds the monthly price drops in September and October, when median home prices were down 15.3 percent and 13.9 percent, respectively." (Warren Group)
That is good news for bargain hunters. However, many are still on the sideline waiting to purchase at the lowest point. The recent reduction in interest rates has made a difference.
Friday, January 2, 2009
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