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 4/10 Good --- www.wickedlocal.com http://www.wickedlocal.com/melrose/news/rss
Thursday, July 10, 2008 --- 50 days ago http://www.wickedlocal.com/melrose/news/x544083688/Housing-crisis-ending-Local-r
 Housing prices peaked nationwide in July 2005 and the Boston area was no exception, facing the same problem as every other market — affordability. Measuring affordability as the mortgage’s percent of household income, from the late 1990s through 2005, the average mortgage was 19 percent of household income, according to Linda O’Koniewski, owner of Re/Max Heritage in Melrose. By July 2005, the average was 25 percent. House prices in Middlesex County have dropped 20 percent since then, including in Melrose. “Interestingly, that brings affordability back to 19 percent,” O’Koniewski said. Combined with a balanced amount of inventory on hand, attractiveness to Boston-bound commuters, good stock and reasonable prices, Melrose may be at the bottom of the housing crisis, O’Koniewski said. “This town makes a lot of sense, in terms of the way people used to live and they’re going to come back to living this way,” she said. “They’re going to walk … one car in all the families and dad commuted on the train and that’s what’s happening again. This market intelligence is indicating something that really bodes well for the future of the city.” Brad Hutchinson, owner of Brad Hutchinson Real Estate, said, “I’m trying to hedge my comments when I say that it certainly appears that things have bottomed out,” pointing to the recent activity in the city. However, he doesn’t think prices will shoot up as quickly as they did after the housing crash in the ... |
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