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The World of Massachusetts Real Estate in 2010
Real estate groups, economists, and historians analyzed the real estate market, year by
year, searching for trends and signs of increasing recovery following the Great Recession.
The United States had (theoretically) reached the nadir of the Great Recession by
2008/2009 but the effects of economic distress continued to flow into 2010. What
happened to the real estate world of Massachusetts in 2010?
First half
No part of the nation was spared during the Great Recession, but Massachusetts was
somewhat less severely impacted. Nationally, the prices of homes dropped 30% in 2009
whereas the prices of homes for sale Massachusetts dropped only 20%. In terms of
Massachusetts’ real estate market, the first half of 2010took an upswing and improved
overall by approximately 7%.
Of significant influences in terms of the state’s real estate market was the rush to buy
homes before the federal home buyer tax credit expired at the end of April 2010. There
was a high inventory of homes for sale. From Newton, throughout Boston, and all over
Massachusetts – people were eager to buy homes.
After April 30 th , the inventory of homes for sale in ...contd...