The leading market indicators are showing some positive signs toward recovery. The most recent Case-Shiller Report indicates that the prices in the leading cities are flat, not descending, as may be reported by some of the media. Of course, all real estate is local and some areas may still be struggling.
A recent article in the Worcester Telegram and Gazette noted that the home prices across Massachusetts had fallen about 14% since 2006, but the Warren Group, which tracks all sales in the state, report that the home prices in Central MA have fallen 27% in that same time frame.
It will certainly take Worcester County longer to recover from this downturn than the Boston area. Employment figures confirm that Boston unemployment is 6.8% and the Worcester unemployment stands at 8.4%. Even though there is quite a wide discrepancy between Boston and Worcester, but both numbers are better than the national unemployment of 9.2%
Nationally, the Builder Confidence Level is in the positive realm, because there are more new housing starts most notably in the West. The positive signs in many areas of the market belie the Consumer Confidence Index at 39.8%, which says the consumers believe we are still in a very serious recession.
This video from the National Association of Realtors give some glimpses of light at the end of a long dark tunnel. We can all use some good news. Young people are starting to look at homes because they have faith that things will improve, and it could not be a better time to buy. Interest rates have never been lower and prices are excellent.
