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StallionMang
Joined: 29 Apr 2008
Posts: 54
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 Posted: Tue Jul 29, 2008 10:46 pm GMT Post subject: Fall is coming |
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It looks like there are three factors which will drive prices down further after August:
* Aug 1 (Friday), foreclosure moratorium ends. "Last year, the Commonwealth saw 29,600 petitions for foreclosure. This year, it is on track for 41,000 petitions for properties. Foreclosure deeds (the final step in the foreclosure process) rose from more than 2,300 in 2007 to nearly 5,600 so far this year." - src. A 3-month backlog implies 10,000 foreclosure petitions.
* End of summer season, graph.
* ARM Resets - "The number of such mortgages scheduled to reset in Massachusetts will begin to peak in August and September." - src
As a buyer, I'm sitting on the sidelines, until at least the fall. |
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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 Jul 30, 2008 1:00 pm GMT Post subject: |
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| It will be interesting to see if they extend the moratorium. What is a good web site for tracking the housing bills? |
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