Real Estate
No Interest Loan of $7500 for Buyers
August 28th, 2008 Categories: Mortgage Updates, Real Estate
President Bush signed into law the “Housing and Economic Recovery Act of 2008“. This rescue plan for the housing market contains a tax credit of up to $7500 for buyers. Here are the details:
If you are a First Time Home Buyer who closes between April 9th, 2008 and July 1st, 2009, you may be eligible. First time home buyer is defined as someone who has not owned a home in the past 3 years.
The amount you can claim is the smaller of 10% of the purchase price or $7500.
This tax credit should be viewed by the consumer as an interest free loan, because unfortunately, Read the rest of this entry »
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Ashland: Boston Magazine Sticks a Label on You!
August 27th, 2008 Categories: Ashland, Real Estate
Congratulations Ashland, Boston Magazine reports that you are the top town in Massachusetts for a buyer who is “single and you want peace and quiet.”
Ok, so it’s not a very prestigious award, but you made the list!
When it comes to nightlife, Ashland offers little more than cricket symphonies. What it does provide in abundance are small houses and fully loaded townhouses, priced in the $300,000s, that you can swing on a single income. There’s also the promise of future gains: Metrowest has been home to a sales-appreciation gravy train in the past decade, and this town sits at the next stop.
The article also provided some stats.
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Foreclosure Update in MA
July 30th, 2008 Categories: Market Conditions, Real Estate
The Boston Business Journal and the Warren Group reported today that the foreclosures in Massachusetts doubled over the first 6 months of the year compared to last year.
Not good news, especially for the 6,707 homeowners who had foreclosure deeds recorded on their homes.
The recording of a foreclosure deed is the final step of a foreclosure process. In the lengthy process that the banks go thru in order to foreclose, looking at the different foreclosure filings is a great indicator as to how the MA market is doing.
The first step in the foreclosure process is called “petition to foreclose”. These numbers are a bit confusing. In June of 2007 there were 2,308 petitions filed, and in 2008 there were only 350. This is a huge drop. Perhaps a more accurate number may be the year-to-date petitions which increased to 13,076 from 12,899 in 2007, which is a 1.4% increase.
The explanation by The Warren Group is that a recent law passed postpones foreclosure petitions. Ah-ha, that explains it!
So back to that first number, with 6,707 foreclosure deeds recorded in the first half of this year. You have to compare it to the market as a whole to put it in perspective. (at least I do)
The Massachusetts housing market has experienced 40-50,000 single family home sales for the past 10 years. The condo market accounts for about another 20,000 sales per year.
Doubling our current pace brings us to a bit over 13,000 foreclosure deeds. That would be 22% of the yearly market. Sounds like a big number! I will keep you posted on how this changes and if this recording of foreclosure deeds turns out to not make it to a final foreclosure in the end.
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Committed to Blog!
July 30th, 2008 Categories: Real Estate
The pile of interesting articles have piled up in my office long enough. Sorry to all my visitors who have been seeing the same blogs on this site for the past few weeks. I have enjoyed the time with my new son, but feel it is important to keep my site visitors posted with fresh content on the site. I have a fresh commitment to blog great content.
Please check back often to see the new articles.
If Doriane or I, and the MAhome Team of Re/max Executive Realty can help you sift thru the real estate market of Metrowest Boston, please call us. We can be reached at 508-341-7880 or Ed@MAhome.com.
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Bank owned properties: Investors Wanted!
June 20th, 2008 Categories: Featured Listings, Framingham, Real Estate
I have been working with a bank on some of their foreclosure listings. I represent the banks in the listings, but as you know, they are very interested in getting offers and having these properties off their books.
Here are a few:
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Why low Housing Starts is good news for the market
June 20th, 2008 Categories: Market Conditions, Real Estate
I saw this graph of the Housing Starts for the past 3 years, and I fell that it is only good news for the overall depressed housing market.
The May stats fell by 3%. The May building permits also declined, and this number is widely looked upon as a leading indicator of future activity.
Here’s the explanation of my optimism:
Less supply = More demand = Home Prices Increase.
That was easy, now we just have to see it in action!
The President of the National Association of Home Builders (NAHB) suggested that home builders are “doing the right thing.” A decline in the production of new homes will lower the supply of available homes, which is a key step in stabilizing the housing market. The NAHB also pushed for Congress to pass a housing stimulus package to boost demand.
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