Local housing bubble deflates

Map from Mass Government websiteBorderline knows there's a serious problem with the real estate market, when there are "for sale" signs posted on every other street in Newton and Waltham, and it's once again possible to buy a single-family detached home in Newton for less than $400,000.

Actually, the problem only exists for some people -- namely, sellers and their real-estate agents. I have sympathy for the former group, especially if they bought in the past few years, but not much feeling for the middlemen. People who are staying put can actually anticipate a slight drop in property taxes. And people who are buying really do have a lot of opportunities, although rising mortgage rates will bring some pain.

See Borderline's earlier posts on real estate:

Newton housing bubble?

Borderline prediction comes true: Housing prices decline

News Tribune sucks up to the realtors

News-Tribune sucks up to the realtors ... again


Anonymous Rhea said...

It's about time these unrealistic prices came down to earth. There was a condo in my neighborhood (Jamaica Plain) that was on the market for over $800K for at least 9 months. The sign came down a couple of weeks ago. No buyer.

9:27 AM  

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