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Boston Foreclosed Homes Pulled Down Median Price



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By : John Cutts    99 or more times read
Boston foreclosed homes pulled down the median price in October for single-family houses and condo units sold, compared to the median in October last year, according to home sales data from Warren Group and another real estate research firm.

In the July-September quarter, the Boston metro area posted nearly 8,000 foreclosure filings, marking a nearly 10-percent jump from filings in the previous quarter and an almost 20-percent rise from filings during the same period in 2008.

Single-family home sales soared in October in Massachusetts by more than 17 percent to 4,295 units, the highest sales total for October in four years. But foreclosure sales pulled down the price of single-family houses by nearly three percent.

The sales price median for single-family houses statewide dropped in October to $277,000, compared to the median in October 2008 while the median price for condo units dropped to $240,000, a decrease of more than 8 percent.

In October this year, total foreclosures statewide soared by almost 30 percent compared to filings in September, but dropped by 8.5 percent compared to October last year. A total of 911 residential units received foreclosure notices in October, marking a jump from 703 units in September but a drop from 996 units in October last year.

According to real estate firm Warren Group, which tracks Boston foreclosed homes and foreclosures in the entire state, said that foreclosure filings in October marked the third highest total so far this year. As of October, total foreclosure postings in Massachusetts have reached 7,707, but still lower than the 10,606 postings during the same period last year.

The high monthly increase rate for foreclosures in Massachusetts made home prices attractive to more homebuyers. With the federal tax credit, low mortgage rates and availability of lower-priced homes, fence-sitters finally decided to make their home purchases.

Nicolas Retsinas, head of housing studies at Harvard University, said that the significant rise in home sales in Boston and in the entire state indicates that the housing market in the Boston metro area is nearing or already at its bottom.

Retsinas also contended that Boston will recover much faster than other metro areas because it has less unsold housing inventory. The statewide total of single-family housing units on the market in October dropped to 27,204 units, which is equivalent to a supply of 7.1 months.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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