Boston's West End and Fenway could see higher housing activity as mortgage delinquencies fall
In some positive news regarding the national housing market, United States homeowners are getting better at keeping up with their mortgage payments. This trend has driven the percentage of borrowers who have fallen behind to a three-year low, according to new data from credit-reporting agency TransUnion. Approximately 5.49 percent of the nation's mortgage holders were behind by 60 days or more on their payments between April 2012 and June 2012 - the lowest rate since the first quarter of 2009. You may be wondering how this news affects real estate in Boston, MA, and the effects are seen through the city's dramatically improving market.
In fact, the second-quarter delinquency rate is down from 5.82 percent on a year-over-year basis, and well below the 5.78 percent rate for the first three months of 2012. This positive trend coincides with a rebounding job market and housing market, which may drive more prospective homebuyers to become homeowners in and around the Hub.
When you begin your search for a new property, you first need to make sure you are financially able to make such an investment. With your finances in order, you can start looking at for-sale homes in neighborhoods that have experienced impressive value upticks in 2012.
Boston's West End and Fenway housing markets are sizzling in the second quarter, according to The Boston Business Journal. Additionally, some of the urban markets that have traditionally struggled with higher unemployment rates, crime and foreclosures saw buying activity increase. This is a positive sign that buyers are willing to take chances on many of the Bay State's emerging communities, the news source reports.
If you want to stick to searching for homes in downtown Boston, you should check out properties in the West End and Fenway. These neighborhoods saw strong value gains of 11.6 percent and 15.5 percent on a year-over-year basis, respectively, compared to the same time last year, and fewer than a third of all home transactions went for a loss, according to the news source.
The West End is a smaller neighborhood situated snugly between Beacon Hill and the North End, just across the Charles River from Kendall Square in Cambridge. Homebuyers with an affinity for being in the heart of downtown, while retaining some privacy, may enjoy the West End. On the other hand, Fenway is west of downtown and offers a lively and more youthful feel, so buyers looking to live near Fenway Stadium and enjoy Red Sox Nation may want to select this community for the location of their next home.