From Bloomberg Business Week
No. 2: Boston MA
Q1 Home price index: 6 percent
Q1 Foreclosure rate (YOY change): 2.1 percent (up 32.8 percent)
Q1 90+ day delinquency rate (YOY change): 7.2 percent (up 43 percent)
April 2010 unemployment rate: 7.9 percent
In the first quarter, the Boston area had the second-largest home price increase (6 percent) among the 50 metros surveyed, according to CoreLogic data. A report by the Concord Group, a real estate consultancy, projects recovery (or sustainable home sales and price appreciation) in the metro Boston housing market in late 2011, ahead of other areas. Boston, supported by a strong education sector, was hit earlier and less severely by the housing crisis than other places, and the unemployment rate here has stayed below the national average.
Is the Upturn Sustainable?
Sam Khater, a senior economist at CoreLogic, says government subsidies and low interest rates have temporarily boosted demand. A good portion of the gains in home sales this year are due to the federal first-time buyer and repeat buyer tax credits, which expired on Apr. 30,
Optimism About Next Year
Despite the projected dips over the next months and years, an end is in sight. An April report on the Fiserv-Case Shiller home price indexes says a prolonged recovery will begin early next year, and some markets are poised for a relatively fast recovery, including those that did not see large price declines, like Boston.
Here Are The Rest Of The List Of Most Improved Cities:
Denver CO, Boston MA, St Louis MO, Pittsburg PA, San Jose CA, San Francisco CA, Washington DC, Cincinnati OH, Minneapolis MN, Milwaukee WI, Cleveland OH, Dallas TX, Kansas City MO, Columbus OH, San Diego CA, Houston TX, Santa Ana CA, Indianapolis IA
The numbers have been saying this all along but it validates what I’ve been saying which its a good thing because I was really carrying on and getting some push back from the brokerage community with articles like “Boston Real Estate, A Recession Proof Investment” and “Recession Proof Boston Real Estate and the Megaphone Formation” and Will The Boston Real Estate Market Come Back? Check With Me Next Year“. Sure am glad to be in Boston! We could be in Miami or Phoenix where things are a lot worse.
Written By RE/MAX Destiny Accredited Buyers Agent Jeff Persons – 617-512-3443
More articles by Jeff:
Buying Boston Real Estate Without a Buyers Agent is Like Going Into Court Without An Attorney
5 Clues That Your Boston Real Estate Buyers Agent is a Sellers Agent in a Brilliant Disguise.
A 20 Year Resident of Bostons Back Bay Tells Why He Likes Brookline MA So Much
Dont Just Investigate Your Boston Condo, Investigate The Management Company Too
Contact Jeff
Return To WeSellBoston.Net
Boston Real Estate 2nd Most Improved U.S. Housing Market 2010
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I would also note that several of these in the most improved list were also the ones who fell the most in 2007 and 2008.
Obviously, if you fall the most in a short period of time, increasing the fastest makes sense.
Of course, this doesnt apply to markets like Miami and Phoenix like you mentioned.
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