bostonbubble.com

[Former arlingtonian]

Every where I look in the Boston area I see nose bleed prices and I'm told the cash buyer is driving the market. It looks to me as if it is Debt that are driving prices and people have loaded up.

Lets look at a couple of Waltham- Mass transaction

62 Beaver St, Waltham , sold for $450,000
Mortgage for the new owners of 62 Beaver $412,087 - NO 20% down for these Buyers

150 Trapelo, Watlham, sold for $354,000 on Sept 18th - the Mortgage for the New Buyers $361,000 - Gee they Borrowed More than their House is worth.

24 Hovey Waltham sold for $501,000 on Sept 13th 2013 - the new owners of Hovey took out two Mortages - one for $400,800 and another for $50,1000 - apparently they didn't have the 20% down in cash

12 Lake sold for $343,000 on sept 13th - the new owners have a Mortgage of $332,700 - NO TWENTY percent down.

128 Chaffee in Waltham sold for $320,000 on Sept 12 and the new owners have two Mortgages - one mortgage is $256,000 and $30,350 - No Twenty Percent Down

40 Copeland - Waltham sold for $450,000 on Sept 4 2013 - the buyers now have a Mortgage of $380,000 - apparently they were a little shy of the 20% down requirement.

This is just a small sample of the large number of people taking on as much debt as they are allowed when Mortgage Rates are at an all time low.

What happens to these people if there is a job loss, a loss of income due to illness, or they have to move and Mortgage rates are higher????

[optimus]

How do you check the new owner's mortgage?

[Former Arlingtonian]

http://www.masslandrecords.com/MiddlesexSouth/

http://www.masslandrecords.com/

You see the same kind of numbers when you look in other areas of the country (Miami for example),

Regards