Banker & Tradesman is reporting that Massachusetts ranked 10th in home-price depreciation in February, with prices down 3.6 percent year-to-year.
When you take out the sales of “distressed” properties, Massachusetts does much better, according to the story.
But here’s a question: Why would you take out “distressed sales” from calculations? Sales are sales. They’re still having an impact on overall prices (i.e. downward pressure). Granted, distressed sales are often isolated in specific communities, providing a distorted look at the entire state market.
Anyway, a few of the states on the depreciation list are a little surprising. Not your typical Sun Belt basket cases we’ve seen over the years.