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Upscale home sales lag as jumbo loans are hard to get (US)

 
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news



Joined: 14 Jul 2007
Posts: 0
Location: Greater Boston

PostPosted: Thu Jul 16, 2009 1:34 pm GMT    Post subject: Upscale home sales lag as jumbo loans are hard to get (US) Reply with quote

Use this forum thread to discuss the following link.

Description: Upscale home sales lag as jumbo loans are hard to get (US)
URL: http://www.usatoday.com/money/economy/housing/2009-07-14-sales-jumbo-loans_N.htm
Info/Broken?: http://www.bostonbubble.com/link_info.php?id=2453

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admin
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Joined: 14 Jul 2005
Posts: 1826
Location: Greater Boston

PostPosted: Thu Jul 16, 2009 1:42 pm GMT    Post subject: Reply with quote

Thanks to National Bubble for pointing this article out.

Looking at the table of jumbo foreclosures by metro area, Boston has 1.79% of jumbo loans in foreclosure, down from 2.04% last year. I have a suspicion (mostly unconfirmed) that sales at the high end have dried up, though. I checked the Warren Group's town stats for Newton the other day and the volume of sales for the year to date was the lowest on record and way below normal. I haven't checked on any other towns, so this is obviously too small a sample to draw any conclusions, except for Newton itself.

- admin
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JCK



Joined: 15 Feb 2007
Posts: 559

PostPosted: Thu Jul 16, 2009 2:29 pm GMT    Post subject: Reply with quote

High end home sales are down in Cambridge as well.

$800k+ properties are moving slowly. Not stopped, but I see a lot of those properties sitting.

These prices have to drop, I think. The price delta now between the so-called "immune" towns and other places (were sales prices have dropped) appears to be growing larger by the day.

It's shocking how much cheaper somewhere like Milton is than, say, Newton.
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balor123



Joined: 08 Mar 2008
Posts: 1204

PostPosted: Fri Jul 17, 2009 3:01 am GMT    Post subject: Reply with quote

It's shocking how expensive somewhere like Waltham is.
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Brian C



Joined: 13 Feb 2009
Posts: 98

PostPosted: Fri Jul 17, 2009 4:06 pm GMT    Post subject: Reply with quote

JCK wrote:


It's shocking how much cheaper somewhere like Milton is than, say, Newton.


Thats because Milton isn't that nice anymore. With the flow of easy credit during the bubble, you had alot of people from next door Mattapan moving on up. Those nice areas have now gone to hell and now can score a great deal in Milton if you can deal with the neighbors.

In regards to the Waltham comment, its tied into the homeowners who can't buy in Lexington or Belmont because they can get a jumbo so they spend the $400k-500k to live in Waltham.
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balor123



Joined: 08 Mar 2008
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PostPosted: Sat Jul 18, 2009 3:24 am GMT    Post subject: Reply with quote

Is Waltham really that much better than Watertown, Arlington, or Natick?
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