The Boston Herald has an article in today’s newspaper about the Greater Boston real estate market. In it, it quotes an economist from online real estate company Zillow who believes that the local market is enduring a “double dip” – prices dropped during the recession and are now dropping again.
Zillow found that after declining for 42 consecutive months, Greater Boston median property values began rebounding in March, then reversed gears and started falling again in November.
Well, there are holes with the economist’s data, such as – did it adjust for the time of year?
It seems to me there’s not enough months of data to make any judgments. Prices were increasing for 42 months but then fell … for two?? (Data analyzed ended in December 2009.)
The article is a headline in search of a story.
The economist, in fact, sees the local real estate market as improving over the coming months – like, in the next three.
… the economist believes the new pullback will only last until some time this spring. Also, he said it will likely represent the final leg of the Hub’s 5-year-old housing bust.
“What we’re seeing now in many cities is that last bit of market correction playing out,” Humphries said.
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