Is Boston's Real Estate Bubble About To Burst?

Though prices started to drop last summer,in recent months real estate agents in the Boston metro area have witnessed an acceleration in price cutting.

"Boston-area homeowners trying to sell their houses are sharply reducing asking prices -- in some cases, by $100,000 or more -- in response to the sudden slowdown in the real estate market.

Demand for single-family homes has declined as prices have risen in recent years and interest rates have begun to climb, causing the number of properties on the market to pile up.

The evidence -- both early data and the anecdotes -- are pointing more toward a hard rather than a soft landing" in the housing market, said Nicholas Perna, an economic consultant in Ridgefield, Conn. "Prices could come down. Could it be 10 to 15 percent? There's no way of knowing, but what we're getting is more clues that you've got a decline in prices underway."

Thanks to Mike Lydon

Full Story: Sellers chop asking prices as housing market slows


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