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Pending home sales in Massachusetts skyrocket

The Massachusetts Association of Realtors reports today that pending single-family home and condo sales soared last month by nearly 40 percent each, for the largest increase since the group started tracking such data in 2004.

OK, we can now say we’re not just beyond the housing crisis. We’re in the middle of a full-fledged recovery, if not a boom. Right? Any contrary opinions?

Please note: Notice we didn’t say a ‘bubble.’

File under: Housing crisis? What housing crisis?

One Response to Pending home sales in Massachusetts skyrocket

  • Contrary opinion here.

    Our current situation is like a car that is barely making highway speeds, but only by only because of a constant flow of nitro boost (ZIRP & QE3) into the engines. Yes, it may be better than barely making local road speeds, or even stalling, like we were up to a few months ago, but nitro boosts are ruinous to engines if overused.

    We won’t truly be out of the crisis until the housing sector is able to go at highway speeds without massively stressing the engine. Could wee be approaching that state? It’s certainly possible, but it is also certainly possible that we are seeing what in the stock market is called a “dead cat bounce” due to the market manipulation of the Fed.

    As always, do your own due diligence in buying. If you feel pressured to over-pay, then you’re better sitting and accumulating cash to have a lower mortgage balance later. In the words of the song “know when to hold em and know when to fold em”. Which you do depends, as always, on the property and your personal circumstances.

    Nemo