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Here’s a novel idea to fight the foreclosure threat: Allowing cities and towns to use their eminent-domain powers to take over underwater homes and then effectively reissue mortgages for lower amounts, reflecting the true and lower value of homes.
One of the main problems facing the housing industry is that a lot homes are now underwater, or valued less than the original mortgages taken out on them, and yet those individual mortgages are stuck in huge securities packages that makes them hard to get at. It’s almost impossible to individually modify these loans.
But if a government could take over a specific property, and its mortgage, via eminent domain, and then find new investors to issue a more favorable mortgage to people, then, voila! End of problem. Or so the theory goes.
One problem: Do you really want the government using such powers? It would be a very unorthodox use of eminent-domain powers. What’s to stop local municipalities from using that same power for other home-ownership programs? The possibilities of mischief and favoritism seem almost endless.
Still, it’s a fascinating, if somewhat discomforting, idea.
An update: Scott notes that there’s still a huge gap between what sellers and buyers think is the true value of a home.
Read other posts about: us and world economy
Posted by Ford Realty on 07/10/12 |
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BOSTON REAL ESTATE AGENTS:
Boston real estate agents needed for our two Boston locations.
Inquiries contact John Ford @ realtyford@yahoo.com
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Boston condo sales for June 2012 - 643.
Number of Boston condos sold: 643
Average sales price for a Boston condo: $585,113
Median sales price of a Boston condo: $445,000
Average square foor price: $510.00
Average days on the market: 67
Boston Real Estate / Boston Condos
Click on the links below for Boston condo neighborhood sales listings
Boston Back Bay Condos
Beacon Hill Condos
Boston Charlestown Condos
Fenway Boston Condos
Boston South End Condos
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Back Bay Condos Sales Stats 2012
Boston Back Bay Condos 1st and 2nd Quarters 2012
Back Bay condo sales in the 1st Quarter of 2012 - 80
Back Bay condo sales in the 1st Quarter of 2011 - 82
Back Bay average condo sales price in the 1st Q of 2012 - $1,261,255
Back Bay average condo sales price in the 1st Q of 2011 - $1,306,435
Back Bay median condo sales price in the 1st Q of 2012 - $789,750
Back Bay median condo sales price in the 1st Q of 2011 - $828,895
Back Bay condo 1st Q 2012 sales price per square foot - $804
Back Bay condo 1st Q 2011 sales price per square foot - $809
Back Bay condos days on market 1st Q 2012 - 142
Back Bay condos days on market 1st Q 2011 - 133
Back Bay condo sales in the 2nd Quarter of 2012 - 170
Back Bay condo sales in the 2nd Quarter of 2011 - 118
Back Bay average condo sales price in the 2nd Q of 2012 - $1,100,149
Back Bay average condo sales price in the 2nd Q of 2011 - $1,329,678
Back Bay median condo sales price in the 2nd Q of 2012 - $761,000
Back Bay median condo sales price in the 2nd Q of 2011 - $840,000
Back Bay condo 2nd Q 2012 sales price per square foot - $787
Back Bay condo 2nd Q 2011 sales price per square foot - $823
Back Bay condos days on market 2nd Q 2012 - 80
Back Bay condos days on market 2nd Q 2011 - 133
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Beacon Hill Condos Sales Stats 2012
Boston Beacon Hill Condos 1st and 2nd Quarters 2012
Beacon Hill condo sales in the 1st Quarter of 2012 - 35
Beacon Hill condo sales in the 1st Quarter of 2011 - 25
Beacon Hill average condo sales price in the 1st Q of 2012 - $808,840
Beacon Hill average condo sales price in the 1st Q of 2011 - $852,720
Beacon Hill median condo sales price in the 1st Q of 2012 - $549,000
Beacon Hill median condo sales price in the 1st Q of 2011 - $542,250
Beacon Hill condo 1st Q 2012 sales price per square foot - $747
Beacon Hill condo 1st Q 2011 sales price per square foot - $675
Beacon Hill condos days on market 1st Q 2012 - 108
Beacon Hill condos days on market 1st Q 2011 - 198
Beacon Hill condo sales in the 2nd Quarter of 2012 - 65
Beacon Hill condo sales in the 2nd Quarter of 2011 - 69
Beacon Hill average condo sales price in the 2nd Q of 2012 - $677,684
Beacon Hill average condo sales price in the 2nd Q of 2011 - $661,045
Beacon Hill median condo sales price in the 2nd Q of 2012 - $516,250
Beacon Hill median condo sales price in the 2nd Q of 2011 - $511,750
Beacon Hill condo 2nd Q 2012 sales price per square foot - $743
Beacon Hill condo 2nd Q 2011 sales price per square foot - $686
Beacon Hill condos days on market 2nd Q 2012 - 67
Beacon Hill condos days on market 2nd Q 2011 - 80
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Brighton Condos Sales Stats 2012
Brighton Condos 1st and 2nd Quarters 2012
Brighton condo sales in the 1st Quarter of 2012 - 41
Brighton condo sales in the 1st Quarter of 2011 - 47
Brighton average condo sales price in the 1st Q of 2012 - $254,685
Brighton average condo sales price in the 1st Q of 2011 - $254,324
Brighton median condo sales price in the 1st Q of 2012 - $237,000
Brighton median condo sales price in the 1st Q of 2011 - $250,000
Brighton condo 1st Q 2012 sales price per square foot - $316
Brighton condo 1st Q 2011 sales price per square foot - $297
Brighton condos days on market 1st Q 2012 - 28
Brighton condos days on market 1st Q 2011 - 84
Brighton condo sales in the 2nd Quarter of 2012 - 91
Brighton condo sales in the 2nd Quarter of 2011 - 73
Brighton average condo sales price in the 2nd Q of 2012 - $268,434
Brighton average condo sales price in the 2nd Q of 2011 - $255,140
Brighton median condo sales price in the 2nd Q of 2012 - $255,500
Brighton median condo sales price in the 2nd Q of 2011 - $254,000
Brighton condo 2nd Q 2012 sales price per square foot - $337
Brighton condo 2nd Q 2011 sales price per square foot - $311
Brighton condos days on market 2nd Q 2012 - 59
Brighton condos days on market 2nd Q 2011 - 99
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Charlestown Condos Sales Stats 2012
Charlestown Condos 1st and 2nd Quarters 2012
Charlestown condo sales in the 1st Quarter of 2012 - 43
Charlestown condo sales in the 1st Quarter of 2011 - 47
Charlestown average condo sales price in the 1st Q of 2012 - $491,085
Charlestown average condo sales price in the 1st Q of 2011 - $485,918
Charlestown median condo sales price in the 1st Q of 2012 - $435,000
Charlestown median condo sales price in the 1st Q of 2011 - $467,500
Charlestown condo 1st Q 2012 sales price per square foot - $432
Charlestown condo 1st Q 2011 sales price per square foot - $444
Charlestown condos days on market 1st Q 2012 - 112
Charlestown condos days on market 1st Q 2011 - 125
Charlestown condo sales in the 2nd Quarter of 2012 - 115
Charlestown condo sales in the 2nd Quarter of 2011 - 72
Charlestown average condo sales price in the 2nd Q of 2012 - $474,847
Charlestown average condo sales price in the 2nd Q of 2011 - $423,006
Charlestown median condo sales price in the 2nd Q of 2012 - $452,000
Charlestown median condo sales price in the 2nd Q of 2011 - $408,500
Charlestown condo 2nd Q 2012 sales price per square foot - $438
Charlestown condo 2nd Q 2011 sales price per square foot - $437
Charlestown condos days on market 2nd Q 2012 - 81
Charlestown condos days on market 2nd Q 2011 - 60
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Fenway Condos Sales Stats 2012
Fenway Condos 1st and 2nd Quarters 2012
Fenway condo sales in the 1st Quarter of 2012 - 19
Fenway condo sales in the 1st Quarter of 2011 - 20
Fenway average condo sales price in the 1st Q of 2012 - $404,579
Fenway average condo sales price in the 1st Q of 2011 - $320,828
Fenway median condo sales price in the 1st Q of 2012 - $375,000
Fenway median condo sales price in the 1st Q of 2011 - $291,500
Fenway condo 1st Q 2012 sales price per square foot - $513
Fenway condo 1st Q 2011 sales price per square foot - $436
Fenway condos days on market 1st Q 2012 - 42
Fenway condos days on market 1st Q 2011 - 180
Fenway condo sales in the 2nd Quarter of 2012 - 79
Fenway condo sales in the 2nd Quarter of 2011 - 58
Fenway average condo sales price in the 2nd Q of 2012 - $358,981
Fenway average condo sales price in the 2nd Q of 2011 - $321,013
Fenway median condo sales price in the 2nd Q of 2012 - $360,000
Fenway median condo sales price in the 2nd Q of 2011 - $292,000
Fenway condo 2nd Q 2012 sales price per square foot - $519
Fenway condo 2nd Q 2011 sales price per square foot - $491
Fenway condos days on market 2nd Q 2012 - 86
Fenway condos days on market 2nd Q 2011 - 51
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