The Boston Business Journal reported this week that Bay State’s housing market has a way to go — say, another five years.
Boston’s shadow inventory will likely take 62 months to clear. That timeline expanded from 60 months at the end of June and from 54 months at the beginning of 2010, according to the article.
As bad as this sounds, at least Boston is doing better than other large cities. Los Angeles had a shadow inventory of 178 months, or 14.8 years — the highest in the nation. New York’s inventory was 119.5 months, or 10 years.
The article also stated; CB Richard Ellis predicted in its annual market-outlook report that Massachusetts home prices will fall roughly 11 percent this year. That prediction was based on data provided by The New England Economic Partnership.