Lowell Deeds

Based on a Warren Group report, the Herald today reported that the median sales price for a home in Massachusetts dropped 12.5% this July compared to July of 2007. With tomorrow being the last business day of August, we’ll try to post our August to August comparisons by the end of the day. As for the decline in this region, my preliminary research showed that if a home sale involved a foreclosure somewhere in the process, the decline in price was substantially more than 12.5%, but if there was no foreclosure involved, the decline was less. My study, however, was based on multiple sales of the same property during the past five years which might lead to misleading conclusions given the rapid ascent and equally rapid decline in values during that very period. I have to scrutinize the figures more closely to validate my findings. Those results will come next week.