Homeowners brace for more price declines after tough spring
The spring market was nothing short of a debacle for sellers.
As always, it began with some economists and housing market watchers holding out hope we might see glimmers of a rebound on the horizon.
And it is ending with those hopes thoroughly upended as the double dip in home prices unfolds.
That's not to say there continue to be some hot pockets here and there where home prices remain buoyant - we happen to have more than our share of those here in Greater Boston.
But the mood of the market clearly is heading down as prices continue to fall, the latest HomeGain survey finds, with a disappointing spring having led to a big increase in pessimism.
Half of agents and 42 percent of homeowners are now anticipating more price declines over the next six months.
That's up markedly from the first quarter, before the spring market had kicked into gear, when 39 percent of agents and just 30 percent of homeowners were predicting that prices would fall.
Of course, the housing market is nothing if not different here. We march to the beat of our own drummer when it comes to just about everything here in the Bay State, including real estate.
Right now, Massachusetts homeowners lead the nation in optimism about home prices at a time when reality seems to be catching up with the rest of the nation - 25 percent of Bay State homeowners are still betting prices will actually rise over the next six months.
Doesn't sound like a lot, but it's enough to put us at the top alongside more traditionally optimistic Sunbelt states like Texas and Arizona.
Go figure.
