Boston Housing Bubble Bursting? And is that bad?
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Boston Realty Tours has a good post on the Boston housing bubble, and what impact that has on the Northeast realty market.
Ted Duncan remembers how his first clients walked away from the real estate market. ”They told me prices were too high and ready to crash,” says Duncan, an agent with RE/MAX Select Realty in Allston. That was 1999. Since then, prices in his neighborhood have more than doubled, increasing an average of nearly 14 percent a year.
Should we worry? That depends, says Karl Case, an economics professor at Wellesley College. ”If I were shelling out $1 million to buy a cottage in a little back alley in the suburbs, I would be nervous,” he says, noting that a 15 percent to 20 percent decline could sink that buyer. Ditto for the highly le
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