real-estate-update-boston

The Federal Reserve, in it’s most recent “Beige Book” said residential real estate markets in most districts remained weak.

The following is from the latest Beige Book report regarding New England real estate.

Residential real estate markets in New England remained sluggish in May and into June, although contacts cite some positive signs. Massachusetts and Connecticut saw May home sales drops of 15 percent and 19 percent, respectively, from May 2008. Rhode Island and Maine had more moderate single-digit year-over-year home sales declines in May. In June, Boston area home sales declined only 5 percent year-over-year. In New Hampshire, home sales were flat in June compared to the year before. Condo sales were still far below 2008 levels in Massachusetts, Rhode Island, and Connecticut.

The median home price fell about 12 percent year-over-year for most states in the region, but dropped 25 percent in Rhode Island in May from a year earlier. Another exception was the Greater Boston area, where the median home price decreased only 2 percent year-over-year in June.

Distressed properties make up a much larger share of the homes being sold this year than last, especially in Rhode Island, with negative effects on median prices. However, inventory continues to decline in some areas, reducing excess supply. Several contacts complained about the Home Valuation Code of Conduct, which they argue is leading to under-appraisals by appraisal management companies lacking sufficient experience in local housing markets.

The Beige Book refers to the commentary on current economic conditions that the Federal Reserve Board publishes 8 times a year. To gather information and data for the report each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The report comments on many segments of the economy including consumer spending, tourism, manufacturing, etc…All I reported on was the New England residential real estate part of the report. To read the entire commentary Click Here

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

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