Boston homebuyers and owners may be in better financial state in 2012
Homeowners with real estate in Boston, MA, may receive additional financial help if proposed housing plans by the Obama administration are passed. The policy would help more than 100,000 Massachusetts citizens who cannot afford to refinance at current low-rates due to declining property values, according to The Boston Globe.
While the U.S. government is making attempts nationwide to spark housing recoveries by offering mortgage refinancing assistance, certain areas of Boston are experiencing unique economic booms. Recently, land located on 1672 Washington Street in the South End was purchased, and developers plan to remodel and renovate the area into nine residential units, including one townhouse, four duplexes, four one-bedrooms and four parking spaces, CityBiz List reports. The construction project is a small sign that the Boston real estate market may be out of the red and on its way to a full recovery.
Homebuyers who are struggling to make mortgage payments due to low property values may be able to sell their real estate in the coming months, as more buyers enter the market. With unemployment levels falling by the month, consumer confidence is on the rise, which bodes well for the economic stability of the U.S. and the real estate sector.