From Today’s Boston Herald.

Nearly one Greater Boston homeowner in seven has slipped “under water” – owning a house or condo worth less in today’s market than the person’s unpaid mortgage balance.

Market tracker Zillow.com will report in a study due out today that 14.1 percent of Hub-area homeowners are under water, also known as having “negative equity.”

“It’s not great news for Boston, because negative equity can be a precursor to foreclosure,” Zillow spokeswoman Katie Curnutte said. “Not everyone with negative equity falls into foreclosure, but people on the edge have fewer options if they face layoffs or other setbacks.”

Nationwide, 14.3 percent of homeowners are under water, often due to declining market values and properties bought with little or no money down.

Locally, Lawrence and parts of Lynn have the area’s worst negative-equity problems, with 40.5 percent of homes sold there since 2003 now under water.

Curnutte attributed the two cities’ woes to heavy foreclosure activity, which has sent local property values plunging.

On the plus side, just 1 percent of homeowners in Boston’s trendy Midtown/Leather District area are under water – the Hub’s lowest negative-equity rate.

Curnutte said wealthy neighborhoods tend to have few negative-equity problems, as home values usually hold up better in affluent locales. She added that wealthier people typically buy homes using bigger down payments, leaving smaller unpaid loan balances.

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

Comments

comments

Call Now