Housing News: Brokeback Market

"Why can't I just quit those highball sale offers?"

Massachusetts' housing market is going down like a stunt double for Heath Ledger. As the article points out, excess inventory will lead to lower prices, which may entice buyers out in the short term. And don't forget, Massachusetts is suffering both increases in foreclosures and its own condo glut, which will give the prospective buyer more power to negotiate. If it's all about moving product, the deal comes down to who can get the most for the least.

As the Urban Trekker points out, property assessments are still partying like it's 1999. Am I the only one who thinks these bizarre property assessments are being used to cover shortfalls for other tax areas, or do they really think that people are just gonna keep building, building, and building, and expect to move those units?

Even sunny Florida is coming to terms with the fact that the boom is over. It is, indeed, "too scary" to be paying two mortgages at once when you can't afford it. Here's hoping the rest of the bubble markets get scared, ah, straight, soon enough. (No offense to Ang Lee intended.)

Posted at March 1, 2006 05:03 PM

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"Why can't I just quit those highball sale offers?" Massachusetts' housing market is going down like a stunt double for Heath Ledger. As the article points out, excess inventory will lead to lower prices, which may entice buyers out in the short term. And don't forget, Massachusetts is suffering both increases in foreclosures and its own condo glut, which will give the prospective buyer more power to negotiate. If it's all about moving product, the deal comes down to who can get the most for the least. As the Urban Trekker points out, property assessments are still partying like it's 1999. Am I the only one who thinks these bizarre property assessments are being used to cover shortfalls for other tax areas, or do they really think that people are just gonna keep building, building, and building, and expect to move those units? Even sunny Florida is coming to terms with the fact that the boom is over. It is, indeed, "too scary" to be paying two mortgages at once when you can't afford it. Here's hoping the rest of the bubble markets get scared, ah, straight, soon enough. (No offense to Ang Lee intended.)