Everything you need to know about the coming year in Boston real estate can be surmised from this very well-written, concise blog entry on the website of the Wall Street Journal.
Five Key Housing Issues to Watch in 2010
1. Mortgage loan rates will rise anywhere from .25 to 1.0 percent (my guess, six percent by 12/31/2010). On a $300,000 loan, the extra percentage-point would add $220 per month to your payment; on a $500,000 loan, the extra percentage-point would add $309 per month to your payment.
2. Proposals to revamp Freddie Mac and Fannie Mae will be floated.
3. Loans will be modified in the coming year but, as was the case this year, few troubled borrowers will be able to stay in their homes. Foreclosures will continue to haunt the market.
4. Middle- and upper- levels of the real estate market will be hit harder as adjustable-rate loans taken out in 2005-2008 will reset.
5. All signs point to the end of the federal stimulus homebuyer tax credit program in April. Will this mean a second dip in home sales or will the economy have picked up by then by enough to pick up the slack?
Related posts:
- Lower mortgage loan interest rates in today’s real estate market
- Boston real estate roundup for Tuesday, March 23, 2010
- Dorchester real estate market sees signs of resurgence
- Boston real estate and condo sales report for the week ending July 24, 2010
- Short-sale home properties can cause headaches with second mortgages, PMI
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