Economists say Massachusetts Real Estate not expected to drop
Tuesday, June 28th, 2005Rising mortgage rates could slow the soaring housing prices in Massachusetts, but a repeat of the price drop-off in the early 1990s is unlikely according to economists with the federal government.
A report from the Federal Deposit Insurance Corp. shows wide variation in the Massachusetts housing market with prices on Cape Cod more than doubling over the past five years — nearly twice the growth rate in the Springfield and Pittsfield areas.
The statewide average price rose nearly 72 percent from the first quarter of 2000 to this year’s first quarter, exceeding the nearly 51 percent growth for the nation as a whole.
The report also stated that a decline in housing prices is unlikely because supply is so tight. By contrast, in …
