The Following is from the Fed Beige Book – April 2009:
Despite the mostly negative numbers in February, contacts report several reasons for optimism about New England housing markets. Beyond the February sales data, a New Hampshire contact says that activity is picking up. There are also reports of increased activity, especially open house attendance, in Massachusetts. Respondents stress that low prices, low interest rates, and the new-homebuyer tax credit should encourage home-buying in the near term; several view the tax credit as a key reason for the recent pick-up in activity. Another positive note is that the Massachusetts condo market saw unseasonable month-to-month increases in sales and prices in February.
Source: Fed Reserve Beige Book – Boston real estate Once you click on the link, scroll down to page I-3