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Richard C. Lee's Blog

By Rich Lee | Agent in Boston, MA
  • REO Inventories & Foreclosure Sales Expected to Increase

    Posted Under: Market Conditions in Boston, Home Buying in Boston, Foreclosure in Boston  |  September 27, 2011 5:02 PM  |  1,388 views  |  No comments

    ForeclosureA recent article from Radar Logic was titled, "As We Pass the Seasonal Peak in Home Prices, Signs Point to Trouble Ahead".  The subtitle said, "Recent Growth in Foreclosure Filings Suggest REO Inventories May Balloon in Coming Months".  As most pieces of news are, they refer to the national or regional markets.  I took a peak at some local markets for the number of foreclosure sales to see where things have been heading.

    The figures below are YTD figures through the end of August.

    CityYear SoldNumber
    Boston, MA200989
    Boston, MA2010240
    Boston, MA2011138
    Cambridge, MA20092
    Cambridge, MA20108
    Cambridge, MA20114
    Everett, MA20098
    Everett, MA201012
    Everett, MA201118
    Framingham, MA200930
    Framingham, MA201064
    Framingham, MA201129
    Malden, MA200912
    Malden, MA201052
    Malden, MA201114
    Medford, MA20095
    Medford, MA201010
    Medford, MA201112
    Somerville, MA20091
    Somerville, MA20109
    Somerville, MA201116
    Stoneham, MA20092
    Stoneham, MA20104
    Stoneham, MA20114
    • Boston, MA, the largest market in our area, foreclosure sales have fallen from last year.
    • Cambridge, Everett, Medford, and Somerville have seen foreclosure sales increase from 2009 to 2011.
    • Framingham and Malden saw the highest foreclosure sales during 2010.

    Radar Logic is one of my favorite sources of information for real estate market news.  They have information regarding 25 Metropolitan Statistics Areas (MSA) around the United States.  Boston is one of them so check out their report.

    Data in this post is based on information provided to and compiled by MLS Property Information Network, Inc.

  • Boston Area Markets Mixed

    Posted Under: Market Conditions in Boston, Home Buying in Boston, Home Selling in Boston  |  August 5, 2011 4:15 PM  |  1,433 views  |  No comments

    HousingRPX data shows that many markets around the United States have been showing declines in price on a per square foot basis and in volume during May 2011.  Their Boston Metropolitan data is not reliable according to them due to inconsistent access to deed records.

    Your Real Estate Geek, me, took a quick look at the latest single family house data to see if there are price declines on a per square foot basis.  In Boston, the YTD June data shows $297 per square foot for 2011 versus $259 per square foot for 2010.  In Cambridge, I see $438 per square foot versus $463 per square foot a year ago.  In Somerville, I see $253 per square foot in 2011 versus $250 per square foot in 2010.  This is not quite an apple to apple comparison but it shows that the data really depends on the market, with some markets in decline and others rising.

    In any case, check out the RPX report.

    Data in this post is based on information provided to and compiled by MLS Property Information Network, Inc.

  • Top 5 Massachusetts Cities With Most 4 Unit Multifamily Sales

    Posted Under: Market Conditions in Boston, Home Buying in Boston, Home Selling in Boston  |  July 25, 2011 3:54 PM  |  1,199 views  |  No comments

    The Top 5 Cities with the most 4 unit multifamily income property sales during the 1st half of 2011 were Boston, Lawrence, Lowell, Worcester, and Fall River.

    Prices in Top 5 Massachusetts Cities With Most 4 Unit Multifamily Sales 2011 H1Prices in Top 5 Massachusetts Cities With Most 4 Unit Multifamily Sales 2011 H1

    With the exception of Boston, the average sale prices and median sale prices in these cities are below $200,000.

    Data in this post is based on information provided to and compiled by MLS Property Information Network, Inc.

  • Housing Market News Analysis

    Posted Under: Market Conditions in Boston, Home Buying in Boston, Foreclosure in Boston  |  July 10, 2011 4:55 AM  |  1,409 views  |  1 comment

    NewsThe volume of real estate news can be confusing especially when so many numbers are involved. Let's take a look at 3 recent articles that look at distressed real estate or homeowners.

    The first article, from the NY Times, talks about how banks are selectively and proactively helping homeowners through loan modifications. That is good news for the housing market as it will probably reduce the number of foreclosures; The issue is that we do not know of the number of the modifications. Is the volume of modifications large enough to have a significant impact?

    The next article, from Boston.com, talks about FHA extending the length of their forebearance program to the unemployed. That'll likely help prevent a certain number of foreclosures. Good for the real estate market. The issue is that the size of the program might be too small to stem the tide. What's the tide?

    The final article, from the Christian Science Monitor, talks about the tide of foreclosures. Shilling stated that there could be as much as 500,000 foreclosures in the shadow inventory. These are the foreclosures that banks simply have not moved on yet. Shilling also says that inventory is high with possibly 2 million over average.

    The question is how will programs such as those cited in the first two articles affect what is going on as cited in the third article? What do you think?

  • Will Commercial Multifamily Mortgage Rates Decrease?

    Posted Under: Market Conditions in Boston, Home Buying in Boston, Financing in Boston  |  June 22, 2011 7:25 PM  |  1,455 views  |  No comments

    Mortgage Rates Decrease

    The Small Business Lending Fund provides incentives to small banks to lend money to small businesses. I am wondering if this program will drive down mortgage interest rates for commercial real estate loans from small banks.

    Banks that can boost lending to meet requirements will only have to pay 1 percent interest to borrow from the Small Business Lending Fund. The point of this program is to boost small business lending in hopes of improving the economy through small business activity. One of the ways to boost lending is to make lending cheaper. Will this program work? Will it work for commercial real estate, which includes multifamily income properties above 4 units?

    Check out the article @ Boston.com: Banks tap fund to repay TARP.

  • Boston Rental Demand

    Posted Under: Market Conditions in Boston, Home Buying in Boston, Rental Basics in Boston  |  June 12, 2011 7:15 PM  |  1,174 views  |  1 comment

    HousingThe beauty of multifamily income properties is that they are a product that there has been demand for and probably always will be demand for.  The number of renters are increasing due to population trends and from the result of the poor economy and housing bust.

    Harvard University’s Joint Center for Housing Studies recently released a report about the state of the nation's housing.  One of the findings is that home rentals on the rise.  I don't suggest that investors buy single family homes to rent them out; The point is that there are lots of renters out there and the Boston market has low vacancy rates.

    The report is great reading for investors to understand housing needs.  It also talks about foreclosures and that there are more in the pipeline.

  • Bottom 5 Massachusetts Cities With the Smallest Average Lot Size

    Posted Under: Market Conditions in Boston, Home Buying in Boston, Home Selling in Boston  |  June 1, 2011 4:33 PM  |  775 views  |  No comments

    It should be no surprise that the cities with the smallest average lot size are in and around Boston, MA

    Bottom 5 Massachusetts Cities With the Smallest Average Lot SizeBottom 5 Massachusetts Cities With the Smallest Average Lot Size

    The city with the smallest average lot size is Boston, MA @ 4,214 square feet according to sales data through April 2011.  Revere, Malden, Medford, and Salem round out the rest of the bottom 5 with 4,673, 5,317, 6,222, and 6,412 respectively.

    Do you want to know your house by the numbers before you buy or sell?  Contact metoday.

    Data in this post is based on information provided to and compiled by MLS Property Information Network, Inc.

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