The following is from today’s Boston Business Journal web site:

The sixth annual survey of the regional housing market is being released Tuesday by The Boston Foundation. The study found that while young people still find homeownership out of reach, rapid price declines is undermining equity area residents have built up over the last decade. Also, neighborhoods with high concentrations of subprime mortgages could return to areas of urban blight if homeowners lose their homes foreclosed upon.

More recently, the impact of a widespread housing crisis has had significant impact on economic trends in Greater Boston. Among the findings from The Boston Foundation’s Housing Report Card for 2008:

• The number of foreclosures on single family homes in Greater Boston has increased by more than 100 percent each year since 2005, with an estimated 4,000 foreclosures predicted for 2008.

• Rents have increased while renter incomes have declined, resulting in a ratio of rent to income of 0.35, up from 0.28 in just six years and placing increased economic pressure on low-income area residents.

• Greater Boston will continue to see its population age, with the number of households aged 35 to 44 projected to decline by more than 50,000 units by 2017 while households aged 55 to 64 increase by almost 70,000 and households aged 65 to 74 increase by almost 74,000 units in that same time.

The recent decline in home prices has made the region more affordable — but only marginally. Between 2005 and 2007, home prices dropped 5.5 percent, while median household income grew be about 9.3 percent. As a result, the ratio of home price to income stands at 5.77 for 2007, down from a high of 6.68 in 2005.

The Housing Report Card study was produced by economist Barry Bluestone, director of the Center for Urban and Regional Policy at Northeastern University.

I would be interested to hear what bostonreb.com blog readers think of this report.

Boston real estate

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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