From our President http://channingrealestate.com/blog/ See all properties in Cambridge, MA. and Somerville, MA. Find out what's new to market; What sold; What isn't selling! Your complete guide to the Cambridge, MA. and Somerville, MA. real estate market! en Copyright 2009 Tue, 23 Jun 2009 17:48:39 -0500 http://www.sixapart.com/movabletype/ http://blogs.law.harvard.edu/tech/rss Possible expansion of federal anti-forclosure programs expanded mortgage refinancing scheme]]> http://channingrealestate.com/blog/2009/06/possible_expansion_of_federal.html http://channingrealestate.com/blog/2009/06/possible_expansion_of_federal.html Tue, 23 Jun 2009 17:48:39 -0500 The Housing Market is Turning burst in real estate activity around the country is a signal that the long expected "bottom of the market" has come and gone. The harbinger of better times comes in the form of fantastic market figures from those U.S. regions with the highest rates of mortgage defaults and foreclosures, where, for the longest time, an overabundance of devalued housing stock stagnated on the market while anxious buyers sat on the sidelines waiting for the market to hit bottom. Many commentators believe that improvements in those regions where property values and real estate transactions have decreased the most will be the catalyst for the recovery of the U.S. real estate market as a whole. Property is selling, and although these sales are being driven by fire-sale prices, the important fact is that the market is working again in those parts of the country where it had come to a distressing halt. We can't expect to see property values rise again if nothing ever sells. Mortgage defaults have transformed lending institutions into unwilling owners of houses with very uncertain prospects of future value. Banks, not being in the business of owning property, sought to get rid of their real estate as quickly as possible, even at bargain basement prices. Now, there's talk that stabilization in these worst of markets will motivate banks to ease off on dumping property, instead shifting their priorities to minimizing losses by pricing foreclosed property more aggressively, moderating how much they bring on market at any given time and being more amenable to pre-foreclosure short sales. This chain of events makes me cautiously optimistic that property values in the hardest hit markets will cease to plummet, and that this will have a positive effect on the national real estate market, and eventually our economy as a whole. In fact, April figures for pending home sales nationwide show an increase of 6.7%, representing the biggest monthly gain in more than seven years according to figures from the National Association of Realtors. ]]> http://channingrealestate.com/blog/2009/06/the_housing_market_is_turning_1.html http://channingrealestate.com/blog/2009/06/the_housing_market_is_turning_1.html Sat, 13 Jun 2009 10:46:00 -0500 Pending Home Sales Increase Significantly in April! home sales increased by a surprising 6.7% last month This is news that we've all been waiting for.
The number of U.S. homebuyers who agreed to purchase a previously occupied home in April posted the largest monthly jump in nearly eight years, a sign that sales are finally coming to life after a long and painful slump.
The flip side of the coin is that median home prices decreased, but that's an unfortunate but necessary consequence of the fact that a great deal of these pended sales are steeply discounted foreclosures and fire sales. But the good news is that these properties are selling and that there are people out there willing to buy them. For the longest time, we've been confronted with the iconic images of a suburban Middle-America street lined with for sale signs in front of houses that weren't selling. Will this momentum be enough to drive the rest of the market? ]]> http://channingrealestate.com/blog/2009/06/pending_home_sales_increase_si.html http://channingrealestate.com/blog/2009/06/pending_home_sales_increase_si.html Tue, 02 Jun 2009 13:17:13 -0500 Getting a Mortgage in 2009: Myth vs. Reality MassHousing, a public authority chartered by the Commonwealth of Massachusetts to increase home ownership in the state, offers a portfolio of very attractive mortgages for borrowers with decent credit and stable incomes. They even offer no-money-down financing, home improvement loans and mortgage insurance that covers you if you become unemployed. Their easy-to-use mortgage calculator lets you figure out what you can afford and which of their programs you qualify for. You can review the selection of their loan programs, including MyCommunity and MassAdvantage. These programs are only available from certain banks and credit unions. If you want to get this process started, call the office (617-864-5400) and we'll be happy to recommend some excellent loan officers at local banks that specialize in MassHousing loans.]]> http://channingrealestate.com/blog/2009/03/getting_a_mortgage_in_2009_myt.html http://channingrealestate.com/blog/2009/03/getting_a_mortgage_in_2009_myt.html Wed, 25 Mar 2009 11:27:18 -0500 Cambridge tops the charts Boston Magazine's Best Place to Live (again!) This year Cambridge is singled out as one of the 10 most recession proof places in the Boston area. Single-family prices show double-digit gains over last year, while the condo market shows only a minimal price drop. What these statistics don't show is activity, which is an equally significant indicator of a market's vitality. While Cambridge condo prices have "adjusted" since the peak market, this adjustment has been quite small in comparison with national averages. As far as activity goes, there's definitely pent-up demand for condos in specific price points. Buyers in Cambridge are finding that inventory is limited and are becoming more aggressive about securing desirable property. It's very likely that the Spring condo market in Cambridge will be a seller's market.]]> http://channingrealestate.com/blog/2009/03/cambridge_tops_the_charts.html http://channingrealestate.com/blog/2009/03/cambridge_tops_the_charts.html Tue, 10 Mar 2009 13:50:39 -0500 Treasury Releases Loan-Modification Guidelines Wall Street Journal, which outlines eligibility and stronger verification rules. The full mortgage-modification guidelines are available from the United States Treasury. ]]> http://channingrealestate.com/blog/2009/03/treasury_releases_loanmodifica.html http://channingrealestate.com/blog/2009/03/treasury_releases_loanmodifica.html Wed, 04 Mar 2009 09:40:34 -0500 Welcome to the Spring Market. Buy now, inflate later. Mike Parker for RIS media. He reviews the history of inflation in America since the Carter administration and applies the finding that inflation can result in a tremendous profit for whose who buy real estate before the inflationary period and sell after. Low interest rates, low real estate prices and a good chance of inflation form a compelling trinity of factors that say: if you can buy real estate now, do it! ]]> http://channingrealestate.com/blog/2009/02/welcome_to_the_spring_market_b.html http://channingrealestate.com/blog/2009/02/welcome_to_the_spring_market_b.html Sun, 22 Feb 2009 09:27:26 -0500 Housing Markets Will Roar Back in 2009 prognosis here.]]> http://channingrealestate.com/blog/2009/01/housing_markets_will_roar_back.html http://channingrealestate.com/blog/2009/01/housing_markets_will_roar_back.html Wed, 14 Jan 2009 09:38:20 -0500 Economists Predict End of Recession: The U.S. Economy will Prosper Wells Fargo economists predict that by the third quarter of 2009, even by this summer, consumer confidence and a diversified economic stimulus program will coalesce, creating intense momentum in economic growth. Jim Paulsen, senior economist at Well Capital Management, employs a powerful analogy. "It's like you're at a cookout and you're trying and trying to get your charcoal going and you keep squirting on lighter fluid and all of a sudden it goes poof!" The root of this economic renaissance: the real estate market. "The sector that led the economy into the morass is about to turn the corner, perhaps as soon as this summer, and will start to lead us out." ]]> http://channingrealestate.com/blog/2008/12/economists_predict_end_of_rece.html http://channingrealestate.com/blog/2008/12/economists_predict_end_of_rece.html Tue, 23 Dec 2008 10:32:37 -0500 Still looking for a sign? It May Be Time to Think About Buying a House, makes a strong argument for buying real estate now, particularly if you plan to stay put 7 to 10 years. The opportunity to lock-in a low mortgage rate for the next thirty years makes this especially compelling for first time buyers who aren't tied down from moving by an unsold home. How our economy performs in the next year is certainly uncertain, but uncertain prospects aren't a good reason to let good deals, tax credits and favorable mortgage rates pass you by. It is, however, a time for prudent & sober decision making. Simply put: buy only what you can afford, in a promissing location and start building up your equity. ]]> http://channingrealestate.com/blog/2008/12/still_looking_for_a_sign.html http://channingrealestate.com/blog/2008/12/still_looking_for_a_sign.html Thu, 11 Dec 2008 11:07:09 -0500 30-Year Fixed at 4.5%? Count us in. Treasury is considering a plan that would lower interest rates on newly originated mortgages. According to the plan, the treasury would buy securities from banks to back the loans as long as banks lend the money out at 4.5 % on a 30-year fixed mortgage (1 point lower than the current market rate). This is a development that my staff and I are going to be watching closely. The potential benefits to the housing markets are pretty obvious, but the benefits to the overall economy could be substantial, as well. The proposed program promises to deliver two fundamental components of a rescue operation: it will get credit flowing by restoring the ability of banks to lend and it will shore up spending. Stimulating private spending is a quick way to jump start a fiscal stimulus plan without waiting for the government to spend public money. In the mean time, as long as public spending is pushed along through the legislature at a reasonable pace, it will arrive in time to amplify the wave created by private spending.]]> http://channingrealestate.com/blog/2008/12/30year_fixed_at_45_count_us_in.html http://channingrealestate.com/blog/2008/12/30year_fixed_at_45_count_us_in.html Thu, 04 Dec 2008 09:55:00 -0500 Mortgage Rates At a Record Low! The Mortgage Point Monitor for 30-year fixed loans registered at 4.875% at end of business Tuesday. That translates into roughly a 5.5% interest rate for a borrower with good credit. The Wall Street Journal reports that this drop has set off a rush to refinance. But I stress that this is an unbelievable opportunity for anyone who's been on the fence about buying property. Lock in your rates now if you're planning to buy real estate in the coming weeks. I'm serious when I say "Hurry, this deal won't last!" The risk of inflation that comes with printing more money means that this policy will need to be phased out before long. Though some economists say that this is actually bringing supply and demand into balance. This is definitely one of the things I'll be thankful for this Thanksgiving. I'd like to extend wishes of a Thanksgiving Day well spent to all my readers and all of our past and future clients. ]]> http://channingrealestate.com/blog/2008/11/mortgage_rates_at_a_record_low.html http://channingrealestate.com/blog/2008/11/mortgage_rates_at_a_record_low.html Tue, 25 Nov 2008 16:30:07 -0500 Let's keep a little perspective The Stock Market The plunge that began on Thursday, October 24th, 1929 resulted in a loss of 89% of the market's value. In 1987, the market fell 25%. The recent market sell-off resulted in a loss of 20%. Unemployment In 1930, unemployment was 25%. In 1990, the national average was 6% and remained stable throughout the crisis. The gloomiest forecasts for 2009 project 7% unemployment. Bank Failures In the year following 1929, more than 5,000 banks failed and depositors lost all their money. Ultimately, by the 1940s, more than 9,000 banks failed. From 1986 through the end of 1989 over 650 Savings and Loan Institutions and 1,530 banks failed. Since July 2008, eleven banks have failed. Government Response In 1929, the government deepened the crises by allowing banks to fail with depositors losing all their cash. In 2008, our government immediately and massively intervened by extending capital to banks, increased the money supply, and, as the recent G8 conference showed, international leaders are cooperating on monetary policy and lowering trade barriers. Statistics courtesy of Rubloff Residential Properties, one of our Leading Real Estate Companies of the World affiliates in NYC. ]]> http://channingrealestate.com/blog/2008/10/lets_keep_a_little_perspective_1.html http://channingrealestate.com/blog/2008/10/lets_keep_a_little_perspective_1.html Thu, 30 Oct 2008 16:28:56 -0500 The Best and Worst Performing ZIP Codes best and worst ZIPs in the Boston area ]]> http://channingrealestate.com/blog/2008/10/the_best_and_worst_performing_1.html http://channingrealestate.com/blog/2008/10/the_best_and_worst_performing_1.html Wed, 22 Oct 2008 10:44:18 -0500 Sellers' Saturday! ]]> http://channingrealestate.com/blog/2008/09/sellers_saturday_2.html http://channingrealestate.com/blog/2008/09/sellers_saturday_2.html Fri, 19 Sep 2008 12:50:19 -0500