NSNA is not opposed to all compact growth strategies. What concerns us most is when “smart growth” is cited as an excuse to consume precious downtown greenspace. However, we support efforts to revitalize commercial sites and underused parking lots, such as can be found on King Street. In this vein, MetroWest reports on successful initiatives in […]
Housing Market
AP: “Empty Houses Home to Crime As Loans Fail”
An undersupply of houses in an area is bad, pushing up prices, but so is an oversupply. Aggressive plans to build housing units merit caution in the face of today’s uncertain demand. This month, AP reports how foreclosures and vacant homes are damaging neighborhoods: As defaults surge on mortgages made to borrowers with spotty credit and adjustable-rate […]
Gazette: Over-55 Condo Project in Amherst Stalled for Lack of Demand
Today’s Gazette reports how a condo project at Hampshire College has stalled for lack of demand. High prices are part of the problem. Veridian Village is asking $350-$385 per square foot. Some of the expense is for green features like bamboo flooring. Other local projects for retirees, however, cost $240-$275. More broadly, developers say the […]
The Republican: “Home sales decline in region”
Today’s Republican reports: September home sales fell 10 percent across Franklin, Hampden and Hampshire counties, while the median price slipped 1.2 percent to $205,000… [Source: Realtor Association of Pioneer Valley]By county, sales dropped in Hampshire County by 12.8 percent in the third quarter, from 392 to 342 homes sold…The median sales price in Hampshire County […]
Condo Completions Surge While Demand Ebbs
Yesterday’s New York Times observes these are challenging times for condo developers… Many condo projects that started during the real estate boom are just being completed, and developers must begin repaying construction loans taken out before the market turned sour…Nationwide, the number of condos completed this year will be up 45 percent — 232,933 vs. 160,239 […]
Existing Home Sales Fall for 6th Month; Home Prices Post Biggest Drop in 16 Years
AP reports today: The National Association of Realtors said that sales of existing single-family homes dropped by 4.3 percent in August, compared to July. Sales at a seasonally adjusted annual rate dropped to 5.5 million units, the slowest pace since August 2002……many analysts believe that sales and prices will fall further as the housing market […]
House prices to drop much lower: Greenspan
Reuters reports Friday: Greenspan said in an interview with Austrian magazine Format…“It’s a difficult situation, there is an enormous overhang on the real estate market,” Greenspan was quoted as saying. “Many buildings which just have been finished can’t be sold …”“So far, prices have dropped only slightly. But it was enough to cause alarm around […]
AP: “Construction Spending Plunged in July”
AP reports today on the continuing weakness in the national housing market: Construction Spending Falls in July by Largest Amount Since JanuaryThe Commerce Department reported Tuesday that construction spending dropped 0.4 percent in July, compared with June, the weakest showing since a 0.6 percent fall in January.It was a bigger drop than economists had been […]
LA Times: “U.S. home prices declining at their fastest pace in two decades”
It’s not the best time to be a seller of homes, reports today’s Los Angeles Times: A much-watched report Tuesday showed U.S. home prices declining at their fastest pace in two decades, signaling that the nation’s housing slump was worsening during what is normally the best time of year for residential real estate.Home prices dropped […]
Bloomberg: Existing Home Sales At Slowest Pace in Five Years
The deterioration in the national housing market continues, as reported today by Bloomberg: Sales of previously owned homes in the U.S. fell in July for a fifth consecutive month, adding to the inventory of unsold properties and showing the housing slump that triggered a collapse in credit markets will drag on……slowest pace since November 2002. […]