Lowell Deeds

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

July 29, 2008

Globe reports on June home sales

by @ 8:58 am. Filed under Real Estate

Citing Lowell and Brockton as the primary examples, today’s Globe reports that communities that have suffered the highest rates of foreclosure saw a significant increase in the volume of home sales in June. That people are buying and sellers are selling in higher numbers is certainly good news. The downside of the story is that the sales are for greatly reduced prices. For example, as shown on a chart that accompanies the paper-based version of the story, the average sales price of a property in Lowell was 29% lower than it was a year ago. The particulars of the sale of a four-bedroom home in the Upper Highlands section of Lowell is actually featured in the story. The realtor involved seemed to speak positively about how there were ten bidders for this one property. But this sale involved a home that went for $317,000 just two years ago and only $179,000 today - by my math, that’s a 44% drop in value in just two years, certainly not a good omen for those sitting on mortgages that haven’t been reduced at a comparable rate.

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