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Mass. Exodus: A generation & housing market in transition

MassInc, a public interest research group, released their newest report this morning, "A Generation in Transition:  A Survey of Bay State Baby Boomers."  The survey asked 1,000 baby boomers in Massachusetts about "their current circumstances and future plans for work, retirement, [and] housing…"

One key finding parallels a phenomena The Real Estate Cafe has witnessed working with home buyers in suburban Boston, where it sometimes appears that neighborhoods are "turning over:"

"The survey also foreshadows a new boomer exodus from Massachusetts – exacerbating the state’s population loss challenge. More than one-third of baby boomers (35 percent), roughly 650,000 people or 10 percent of the state’s population, want to retire outside of Massachusetts."

"There are 1.83 million boomers in Massachusetts, accounting for nearly 30 percent of the state’s population and roughly 45 percent of its workforce. The first baby boomers turn 60 in January 2006."

Mass. home sales fall in October

Mass. home sales fall in October
Prices decline for 2d month, but the condo market is still strong
By Kimberly Blanton, Globe Staff | November 29, 2005

http://www.boston.com/business/articles/2005/11/29/mass_home_sales_fall_in_october/

Mortgage limit raised to $417,000
http://www.boston.com/business/articles/2005/11/29/mortgage_limit_raises_to_417000/

US Housing markets entering sustained decline?

Using market trends detailed in an article in the Boston Globe today entitled, US Housing market seen declining in 2006, economist Michael
Bazdarich concluded:

"…we believe housing is due for a sustained decline…  The remaining questions are
how hard the fall will be and when it will begin." 

Take a look at The Real Estate Cafe’s graph of 32,000 expired listings in Massachusetts below, then let us know if you think the decline has already begun and how far prices will fall.  If you are housing hunting now in Greater Boston, what kind of price reductions are you seeing and do you agree that the "holiday season is an ideal time to buy?"

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