January 22, 2006

Boston housing market crashing

Anyone from Boston out there? Gotta be getting REALLY ugly right now - you'll be the first official "PANIC" market - will be interesting to watch...

A decline in house sales last fall has left a January glut of unsold properties in suburban Boston as the big spring selling season approaches, according to data released yesterday.

The number of single-family homes for sale jumped 54 percent to 4,077 as of Friday, compared with a year earlier, said MLS Property Information Network of Shrewsbury. The data include all the suburbs surrounding Boston, extending out to Route 128; the city of Boston was excluded.

Some real estate agents expect this large supply of housing to be compounded by new sellers entering the market for the first time in February and March, which typically begins the busiest season for sales.

''We are going to be overstocked, because we have a lot more coming," said Gil Campos, an agent for Re/Max Real Estate Center in Foxborough.


Anonymous said...

I used to drive past the local mall and see 4 homes in a row for sale.Many thousands of people must have seen them also.Over 2 years later 2 are still for sale and the other 2 were pulled off the market.Pages and pages of real listings in the paper here North of Boston.Bubble started hissing 2 summers ago.

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