What caused the fall-off in condo sales and prices over the past year?
* Higher interest rates cut into borrowing power of entry-level buyers
* Tighter lending rules cut off access to funds for buyers
* High inventory levels (this one doesn’t make sense)
* No more buyers - anyone who wanted to buy, bought
* Domino effect - owners […]

Prices and volume of home sales in the Commonwealth dropped in May, compared to May, 2006.
According to the Warren Group, the publisher of Banker & Tradesman, the median price of a single-family home in Massachusetts was $315,000 in May, down 4.6 percent from a year ago when the median was $330,000.
… the volume of […]

The following information is from the local MLS database, as of June 23, 2007, compared to (last week).
Total # of condos for sale in the city of Boston: 2,667 (2,672)
Average # of days on market: 114 (112)
Median price of all condos for sale in the city of Boston: $395,000 ($395,000)
Average price of all condos for […]

Here are four basic (very basic) tips for someone looking to buy his or her first home.
1) Assess your credit: request your credit report to see where you stand; if you plan on buying soon, you need to clear up any errors or problems.
2) Figure out how much you should borrow: your bank will probably […]

I’ve hesitated to write this entry because I don’t know how to get across what I’m trying to say.
Basically, it’s this.
Over the past several years, homebuyers have taken out adjustable-rate mortgage loans in order to buy as much home as possible, for as little money as possible. Adjustable-rate loans tend to be at lower […]

The major slump in the housing market is nearing an end and should not have a significant impact on the overall economy, Treasury Secretary Henry Paulson said yesterday.
‘We have had a major housing correction in this country,” Paulson said in an interview with a small group of reporters at the Treasury Department. “I do believe […]

If so, Holden Lewis wants to hear from you.
CALL FOR SOURCES: Bank of America offers a loan program called the No Fee Mortgage Plus. It’s a mortgage with no fees. None. No origination fees, no title insurance, no mortgage insurance, no courier charges. With the No Fee Mortgage Plus, all you have to pay at […]

From January to March, 89 percent of homeowners who refinanced their one-year ARMs, or loans on which rates remain constant for the first 12 months, switched to fixed-rate mortgages, according to data released by Freddie Mac, in May.
During the same time period, 84% of those holding 5-7 year adjustable-rate mortgage loans switched to fixed-rate mortgage […]

So, I was watching last week’s episode of “Bought & Sold” on HGTV. They profiled a couple who were considering their first home purchase.
Their real estate agent was ecstatic. He said he really enjoyed helping first-time homebuyers. He liked to educate them about buying a home. And, helping them live the […]

The following information is from the local MLS database, as of June 16, 2007, compared to (last week).
Total # of condos for sale in the city of Boston: 2,672 (2,649)
Average # of days on market: 112 (114)
Median price of all condos for sale in the city of Boston: $395,000 ($390,000)
Average price of all condos for […]