Boy, is this market getting ugly fast... from white hot to super cold
Amazing.
Any Boston-area feedback appreciated here.. Thanks David for the article...
Boston-area homeowners trying to sell their houses are sharply reducing asking prices -- in some cases, by $100,000 or more -- in response to the sudden slowdown in the real estate market.
The median price of a single-family home in Massachusetts has dropped 7 percent in the past two months, to $349,000 for sales that closed in October. But reductions in asking prices of 10 percent or 20 percent are now common in both high and moderately priced neighborhoods, according to real estate agents and listings of homes for sale.
''The evidence -- both early data and the anecdotes -- are pointing more toward a hard rather than a soft landing" in the housing market, said Nicholas Perna, an economic consultant in Ridgefield, Conn. ''Prices could come down. Could it be 10 to 15 percent? There's no way of knowing, but what we're getting is more clues that you've got a decline in prices underway.
December 09, 2005
More Boston: Sellers chop asking prices as housing market slows - Cuts of up to 20% are now common as analysts see signs of a 'hard landing'
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3 comments:
It was only a matter of time.
it's interesting that high gas prices took down GM and Ford, forever, while high heating oil prices may be what takes down the east coast housing bubble
first i'm a landlord here in boston
here in the city prices have dropped a few points, i expect a greater drop next spring, condos are staying on the market longer, with few people(if any) showing up to the open houses
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