Foreclosures may influence market activity in the Greater Boston area
The real estate market in the United States is gradually coming back to life after several years of record lows. While metrics still show less than favorable numbers in key aspects of the housing market recovery, economists and real estate experts predict that, in the coming months, there will be significant increases in activity. Of the houses for sale in Boston, MA, measurements are comparable to many other U.S. metro areas, but March 2012 did show signs of renewed spirits.
A total of 3,205 homes were sold across the state of Massachusetts last month, compared to 1,048 a year earlier, according to the latest numbers provided by the Warren Group. However, lenders also filed 1,621 petitions to foreclose in March, which is significantly up from the same month in 2011, the source reports. While buyers have entered the market and have begun to purchase affordable housing options, more properties take their place, offered at distressed rates.
Foreclosure petitions jumped approximately 55 percent in the state last month when compared with 2011 numbers, and with mortgage reform making it harder to receive financial aid nationwide, the state of the market remains in flux.
Nevertheless, one Massachusetts real estate agency came out with a report that found a 19.1 percent increase in single-family home sales this past month. There may have been a steady increase in foreclosure statewide, but families are entering the housing market with the financial means to invest in new properties. The increase in home sales may bode well for the state's economy, and with consumer confidence on the rise in the U.S., people have shown their willingness to overlook temporary halts in recovery, betting on the longevity of property values by comparison to other investment opportunities.
Homebuyers living in the state of Massachusetts may want to consider investing in property in the Greater Boston area. The city is home to a variety of historical, cultural and entertainment influences, and properties are listed at more affordable rates than in years past. With the right financial backings, purchasing a home in Boston may prove to be a wise investment. Unemployment rates are declining, and economic growth is abundantly clear, so entering the housing market early may be an easy way to get a great deal on a house with the potential to appreciate in value in the coming year.