The Greater Boston area continues to shine in the housing market as numerous banks and countless borrowers bicker about the housing crisis at the national level. The S&P/Case-Shiller home-price data shows that housing is flat in Boston, which is far superior to the housing markets in other parts of the country. One of the reasons for the cushion enjoyed by Boston homeowners is the city's array of customer-friendly resources.
Housing fuels the economy and we will not see an improved U.S. economy until the national housing market is restored to health. In order for our economy to heal, banks must be willing to lend. Banks will play a crucial role in the U.S. recovery by providing the capital for homebuyers to buy and construction companies to build. Boston is a prime example of an economic environment that allows companies to provide flexible solutions to consumer needs.
According to Chris Teachout, a Business Development Officer for Needham Bank, “One thing many community banks look for within their communities is the relationships they can build with the residents and businesses of their town, as opposed to fee income. We are not dependent on the fee income as a way to stay in business. We are looking for customers who will be banking with us for years to come. That, to us, is far more important than whatever fees we can collect from those customers. “
As the years pass by, the Boston community will continue to enjoy the benefits of its proximity to world-class universities, hospitals, and companies. Consequently, the incentive for banks to form long lasting relationships with customers is at hand for customer-friendly lenders that are ready to form a long-term relationship. Going steady pays dividends in the long-term for both borrowers and banks.
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