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Boston Housing Market Update: Home Prices and Foreclosures

According to CNN Money, home prices in Boston have more than doubled during the last six years prior, reaching the high point in the middle of 2005. Since then, the median price for homes has fallen 20 percent to an estimated average price of $307,000.

But because the harbor and other surrounding smaller cities border Boston, many residents interested in finding a new home often find housing prices in the city to be expensive. With less land to build on, buying a home in Beantown can become a costly endeavor as the housing market remains competitive for existing properties.

Boston's economy and home prices have also reportedly surpassed many other metro areas during the recession. The city's unemployment rate rested at 7.4 percent in November and has continued to drop. The number of homes seized by banks has also decreased as foreclosure rates in the housing market have dropped to 1.24 percent. Only one out of 80 homes received a foreclosure notice in 2010.

However, some homeowners are still struggling to make their mortgage payments and risk facing potential foreclosure, so they may want to consider the following tips to prevent having their home taken by lenders:

  • Contact your lender once you realize you might have a problem;
  • Understand your mortgage rights;
  • Familiarize yourself with foreclosure prevention options; and
  • See if you have any assets that can help reinstate your mortgage loan.

An experienced Boston real estate attorney can also provide legal counsel and determine the legal remedies that may be available to borrowers who are behind on their mortgage. For general information on foreclosures, visit the Related Resources links below.

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