And Boston comes in No. 4, ahead of even Las Vegas and other seemingly crazy housing markets, in terms of homeowners losing money if they held onto a house for five years and then sold.
But then you look at the criteria the survey uses – and you see they’re going way back in time to 1979.
For Massachusetts, we’re talking the go-go ‘80s and the crash of the Massachusetts Miracle. OK, yeah, if you count those years, the survey results make perfect sense.
But since the recovery from that crash, the local market has just steadily and relentlessly soared, until the 2008 recession. Even then, though, the recent crash here wasn’t nearly as bad as other areas of the country and our recovery came much earlier.
We suspect Hartford and Providence, the No. 1 and 2 riskiest housing markets on the list, respectively, also suffered from the same late ‘80s/early ’90s housing-boom hangover.