"Mass. house sale prices fall 15.6%" by Kimberly Blanton, Globe Staff | October 28, 2008
Median house prices dropped below $300,000 last month in Massachusetts for the first time in five years - and the economic downturn is expected to push prices down even further.
The state's housing market last summer was showing signs of a turnaround. But observers said the global financial crisis and a shortage of credit are expected to prolong the downturn and delay a recovery.
Remember, readers, the "crisis" is ON PURPOSE!!!
Patrick Newport, an economist for IHS Global Insight, a Waltham consulting firm, abandoned his prediction of a turnaround this year and now says prices could drop another 10 percent by next year. "We're getting more pessimistic by the day," he said.
Real estate agents say only people who must buy a home, such as those relocating for a job, will make a move in these uncertain times. And even for buyers attracted to lower house prices, it is more difficult to find a mortgage, said Marlene M. Wasserstein, an agent for Century 21 C & S Properties. The Stoughton agent said lenders are requiring higher credit scores and bigger down payments, lower debt levels, and strong employment histories. Even buyers who meet the criteria are being turned down for loans, she said. --more--"
Yeah, WE KNOW!! Credit Markets to Remain Frozen
The only ones who do not experience any credit problems are the RICHERS!!!!
