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Renting in Mass
Joined: 26 Jun 2008
Posts: 381
Location: In a house I bought in December 2011
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 Posted: Wed Feb 09, 2011 3:47 pm GMT Post subject: Boston area homes sold at a loss hit 30 percent in December |
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http://www.boston.com/realestate/news/blogs/renow/2011/02/homes_sold_for.html
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Here in the Boston area, homes sold at a loss hit 30 percent in December, up from 28 percent in December, 2009.
The average Boston area home value is now down to $314,200 - or a 21.1 percent fall from the July, 2005 peak.
... homeowners stuck with underwater mortgages are now up to nearly 14 percent of the market, compared to 9.5 in the third quarter.
... the general trend is clear right now - falling prices and more unhappy sellers. |
The percentage of underwater mortgages going from 9.5 to 14 in one quarter seems rather dramatic. That's a lot more people with an incentive to stop paying their mortgage.
I'm guessing that January and February haven't been particularly kind to sellers either. |
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CL
Guest
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| Posted: Wed Feb 09, 2011 4:18 pm GMT Post subject: |
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| Actually 9-14% of underwater mortgage is fairly low, when you think about the national average (25-30%) and Sunbelt cities (45%-65%). |
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Renting in Mass
Joined: 26 Jun 2008
Posts: 381
Location: In a house I bought in December 2011
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| Posted: Wed Feb 09, 2011 5:45 pm GMT Post subject: |
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| I agree that the level is still relatively low. It was the 50% increase that I found interesting. |
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CL
Guest
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| Posted: Thu Feb 10, 2011 12:29 pm GMT Post subject: |
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| Actually, you have a good point - mortgage level should be stable through short period of time (cannot see a lot of people taking out Home Equity Loan these days), so the increase should be mainly driven by price. Should keep an eye to see what will happen in spring. |
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