What if City Hall Bossed You Around?
August 10th, 2008
The principle is this: as a citizen you should have a “problem” if City Hall tells you how to run your business / investment / or life. Milford City Hall did this recently with their bylaw regarding rental housing.
The purpose of the bylaw may be reasonable on its face, but it wouldn’t make as much sense if it was affecting you directly. The basics on this new law is:
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- Landlords must register their multi-family home with city hall. $50 per unit cost.
- A fee is required for each unit, and it is measured and inspected by the city. $15 per unit annually.
- Penalties could be $300 per day if you fail to comply.
The stated purpose of the bylaw is to help in the increased issues with overcrowded rental units and unsanitary conditions. Noble idea, but there are already laws regarding this! Read the rest of this entry »
Categories: Milford, Town Hall Info
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Foreclosure Update in MA
July 30th, 2008
The Boston Business Journal and the Warren Group reported today that the foreclosures in Massachusetts doubled over the first 6 months of the year compared to last year.
Not good news, especially for the 6,707 homeowners who had foreclosure deeds recorded on their homes.
The recording of a foreclosure deed is the final step of a foreclosure process. In the lengthy process that the banks go thru in order to foreclose, looking at the different foreclosure filings is a great indicator as to how the MA market is doing.
The first step in the foreclosure process is called “petition to foreclose”. These numbers are a bit confusing. In June of 2007 there were 2,308 petitions filed, and in 2008 there were only 350. This is a huge drop. Perhaps a more accurate number may be the year-to-date petitions which increased to 13,076 from 12,899 in 2007, which is a 1.4% increase.
The explanation by The Warren Group is that a recent law passed postpones foreclosure petitions. Ah-ha, that explains it!
So back to that first number, with 6,707 foreclosure deeds recorded in the first half of this year. You have to compare it to the market as a whole to put it in perspective. (at least I do)
The Massachusetts housing market has experienced 40-50,000 single family home sales for the past 10 years. The condo market accounts for about another 20,000 sales per year.
Doubling our current pace brings us to a bit over 13,000 foreclosure deeds. That would be 22% of the yearly market. Sounds like a big number! I will keep you posted on how this changes and if this recording of foreclosure deeds turns out to not make it to a final foreclosure in the end.
Categories: Market Conditions, Real Estate
| Discussion: 2 Comments »
Committed to Blog!
July 30th, 2008
The pile of interesting articles have piled up in my office long enough. Sorry to all my visitors who have been seeing the same blogs on this site for the past few weeks. I have enjoyed the time with my new son, but feel it is important to keep my site visitors posted with fresh content on the site. I have a fresh commitment to blog great content.
Please check back often to see the new articles.
If Doriane or I, and the MAhome Team of Re/max Executive Realty can help you sift thru the real estate market of Metrowest Boston, please call us. We can be reached at 508-341-7880 or Ed@MAhome.com.
Categories: Real Estate
| Discussion: 1 Comment »
Bank owned properties: Investors Wanted!
June 20th, 2008
I have been working with a bank on some of their foreclosure listings. I represent the banks in the listings, but as you know, they are very interested in getting offers and having these properties off their books.
Here are a few:
Categories: Featured Listings, Framingham, Real Estate
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Why low Housing Starts is good news for the market
June 20th, 2008
I saw this graph of the Housing Starts for the past 3 years, and I fell that it is only good news for the overall depressed housing market.
The May stats fell by 3%. The May building permits also declined, and this number is widely looked upon as a leading indicator of future activity.
Here’s the explanation of my optimism:
Less supply = More demand = Home Prices Increase.
That was easy, now we just have to see it in action!
The President of the National Association of Home Builders (NAHB) suggested that home builders are “doing the right thing.” A decline in the production of new homes will lower the supply of available homes, which is a key step in stabilizing the housing market. The NAHB also pushed for Congress to pass a housing stimulus package to boost demand.
Categories: Market Conditions, Real Estate
| Discussion: 1 Comment »
Mortgage Interest Rate Historical Perspective
June 18th, 2008
A mortgage broker friend sent over this chart to me a bit ago and I wanted to share it with the readers. Sometimes with all the reporting and the daily grind we lose perspectives on our current situation. In terms of mortgage interest rates, boy, do we have it good?
If you would like to research refinancing or getting a pre-approval, feel free to give me a call. I have worked with several mortgage brokers and lenders who would look at your financial picture for no charge or obligation. Service is an important factor in this area, and shopping for that last bit of the lowest interest rate may not be worth the headache. I can get you started in the right direction.
I also came across this graph of the Number of Home Sales in MA since 1991.
If the MAhome Team can answer any of your real estate related questions, give Ed or Doriane Daniels a call at 508-341-7880.
Categories: Market Conditions, Mortgage Updates
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