From the Boston Globe:

The S&P/Case-Shiller index shows Boston housing prices dropped 1.3 percent in December, from the month before – the smallest price drop of any of the 20 cities monitored by the national index. Since the housing peak in September 2005, home values have fallen about 16 percent in Boston, while places such as Miami and Las Vegas have dropped 40 percent or more, Case said.

Housing prices fell about 15 percent during the state’s last housing crisis in the early 1990s, Case said.

The four-year slide in housing prices, very low mortgage rates, and a new $8,000 federal tax credit has put buyers in the driver’s seat, said Massachusetts Association of Realtors president Gary Rogers, a broker at Re/Max First Realty in Waltham.

“Affordability has improved in Massachusetts, so even when sellers accept a more modest price for their homes, they find their next home to be much more affordable,” Rogers said.

Source: Boston Globe -Real Estate

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