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We have Boston real estate confusion when many of the signals are happening at the same time:
- Record-low mortgage rates. Rates are so low, it feels like free money now.
- Beacon Hill condos sell quickly. Last month’s average days-on-market was 60 days.
- Record high vacant Beacon Hill apartments. Over 300 apartments for rent for Sept.
- Pricing is wildly optimistic, yet sales keep happening. The best sign of a frenzy is when the cops don’t seem to matter anymore.
- In the midst of a recession, record unemployment, and a 100-year pandemic,
- Nearly 1.2 million laid-off Americans applied for state unemployment benefits last week, evidence that the coronavirus keeps forcing companies to slash jobs just as a critical $600 weekly federal jobless payment has expired.
- Yet, prices for Boston condos for sale are keeping steady (price wise) or GOING UP!
The National Economy
This weekend I was confused by the wide range of observations regarding the economy/real estate market. For example some headlines from various newspapers over the weekend:
* Jobs loss record high
* Unemployment 11%
* Small business owners face credit crunch
* Worse unemployment rate since the great depression
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