Lowell Deeds

The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell

January 9, 2008

Pessimism for the Housing Market

by @ 9:42 am. Filed under Real Estate

Today’s Globe reports that the president of the Federal Reserve Bank of Boston predicted yesterday that the current housing slump could be the worst in 50 years and that the prospects for a rebound in 2008 are bleak. Describing an interconnected, downward spiral, Eric Rosengren told how declining housing values have curtailed consumer spending in each quarter since the beginning of 2006 and that this declining consumer spending is in turn suppressing home prices. Especially ominous is the fact that the all of this has happened during a period of relative strength of the economy with historically low interest rates. Should the overall economy go into decline - and every indication is that it is - housing prices will be driven down faster and further than has been the case to date.

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