U.S. home prices fell to a record low (heartbeat) of 8.2% in 2008 as the recession fever of foreclosures caused the worst devaluation (death) of real estate since the Great Depression.
The fourth-quarter figure was 3.4% lower than the prior quarter, on a seasonally adjusted basis, the Federal Housing Finance Agency said today in a report. [...]

Addressing Massachusetts condo sales, the Warren Group said in a press release: “There were 806 condo sales statewide in January, a 29 percent decrease from 1,136 during the same month in 2008. The median condo price fell 22.2 percent to $209,900 in January from $269,950 a year earlier.”
Source: Warren Group

For Boston condos that sold in the month of December 2008 the average list price was $478,667.00. In January 2009 the average list price for a Boston condo that sold was $377,450.00
This is interesting….the average list price for a Boston condo that sold in January 2008 was $637,335.00
Source: MLS
Good news for Boston condo buyers. Not [...]

In order to obtain a mortgage of $465,000 or above its called a “jumbo” loan. Numerous Boston condo buyers need jumbo mortgages to purchase property. Here’s the problem:
According to The Wall Street Journal President Obama’s housing stability plan is ignoring this segment of the market, and so are lenders, few of whom are originating or [...]

From the New York Yimes:
SELLERS and buyers are not the only jittery players in today’s housing market. Real estate offices along Main Streets throughout Westchester County are struggling to stay in business during one of the worst markets in decades, and at the same time shift away from their traditional job description to become more [...]

Boston Offers Mortgage Relief for Jobless
The Federal Reserve Bank of Boston has an innovative plan to help home owners who have lost their jobs.
The Boston Fed proposes giving enough money to the unemployed to pay for a quarter to half of their mortgages. The assistance would last for up to two years or until [...]

The Warren Group is releasing its January home sales and price report tomorrow and it looks like the year is off to a pretty weak start based on their report.
Single-family home sales and median prices in Massachusetts were off by double-digit percentages compared to the same month a year earlier.
And condo prices [...]

Real estate broker Joseph Ferrara who publishes Sellsius blog. Yesterday, came up with a creative solution that might help stall at least some of our MA foreclosures:
Ask your lender or loan servicer for the original note.
In the past, mortgage loans were sold and resold and repackaged with other loans into security packages on a regular [...]

I was informed by my agents that Sunday Open Houses were busy. My agents conducted open houses yesterday with prices ranging from $299,900 to $1.3 million.
Did you conduct or attend an open houses yesterday, if so what did you see?

I understand that some Boston condo buyers are holding off to purchase a property to see if prices will drop more before buying. I don’t blame you. However, “days on the market” in some of Boston’s most popular neighborhoods are decreasing as more and more agents are listing their properties to sell quickly in today’s [...]