Housing experts routinely point out that bank-owned and other distressed property sales are dragging down home values in many parts of the country.
What’s happening here in Massachusetts?
The Warren Group reported yesterday that median price for single-family homes sold in Massachusetts during the first four months of 2009 was $257,450. If the lender-owned single-family home sales transactions were taken out of the equation, the median price would have been $273,000 – or $15,550 higher, according to an analysis from The Warren Group.
Meanwhile, the median selling price of the lender-owned single-family homes that have sold so far this year was only $100,000.
A total of 752 single-family homes, or 8.5 percent of the single-family homes that sold from January through April, were lender-owned, according to The Warren Group. That’s up from 538 home sale transactions, or 5.3 percent of sales, during the same months last year.
Source: Warren Group