Thanks to Boston reader Katy for this article today... I feel sorry for those poor buyers who bought at the top - they must be in such pain to read this stuff every Sunday...
Massachusetts' five-year housing boom, which lifted the average home price by 71 percent and bolstered the local economy, is over, according to homeowners and real estate agents.
Rising mortgage costs, an outgrowth of 12 consecutive interest-rate increases by the Federal Reserve since June 2004, have cooled demand, they said. Prices have dipped, and sellers are rushing into the market even as open houses attract few prospective buyers.
''It's definitely a buyer's market, and it's likely to stay that way at least through the first half of next year," said Alan Kosinski, 49, of Stoughton, an investor who has bought and sold about 800 properties over 20 years. ''People who have to move are going to be selling at a discount or a loss."
November 27, 2005
Posted by blogger at 11/27/2005