In a recent Massachusetts case, Witkowski v. Endlar Ins. Agency & First American Title Ins. Co., the judge reversed a previous summary judgment decision for Endlar regarding a certificate of insurance for the plaintiff’s condominium unit. Plaintiff, Witkowski, purchased a basement unit of a residential condominium in Andover, MA. The condominium…
Last year, Massachusetts ranked ninth in the nation for direct commercial property development spending. According to commercial real estate development association NAIOP, approximately $3 billion was spent on commercial property construction in the state in 2011. The increase in commercial development bumped the state up to the top ten from…
The average interest rate on mortgages in the United States has hit a new record low. According to mortgage purchaser Freddie Mac, the interest rate on 30-year home loans is now 3.84 percent. The rate on 15-year fixed-rate home loans is only 3.07 percent. The interest rates are the lowest…
Multiple offers on residential real estate in the Greater Boston area may yet again be the norm. According to Redfin Real Estate, more than half of the real estate contracts written by the company’s agents last month wound up in some sort of a bidding war. For homes that were…
A recently released federal report says distressed homeowners in the United States were more likely to stay in their residences after their mortgages were modified. In fact, the Office of the Comptroller of the Currency found nearly three-fourths of homeowners who received a loan modification in 2011 are currently in…
According to a recent survey published by Marcus & Millichap, Boston’s local economy is well on the road to recovery. The company’s 2012 National Office Report states Boston employment growth will likely be centered on or near the city’s waterfront. Employers are increasingly moving into the area as the $3 billion Seaport…
Although housing prices are still falling nationally, pending home sales are up in Eastern Massachusetts. Real Estate experts believe the threat of rising interest rates coupled with higher rent in the Boston Metro has brought more buyers into the market. Enough buyers are writing earnest money checks in some area…
Last month, the number of Massachusetts borrowers who lost their home to foreclosure rose by approximately 41 percent over the previous year. In February 2012, 1,394 properties entered into foreclosure and 736 properties were foreclosed upon. Both numbers rose significantly from February 2011. In January 2012, mortgage petitions rose by…
Approximately 17 percent fewer homes are for sale in the Boston Metro than at this time last year. In fact, housing inventory in the city is currently at an all-time low. Housing inventories on the waterfront and in Beacon Hill are down a whopping 36 percent. Many believe the limited…
Despite regular news reports of a depressed housing market and underwater mortgages, most homeowners in the United States are happy with their purchase. According to a recent survey conducted by HomeGain, about three out of four homeowners in the country are happy to be an owner. The Northeast, including Massachusetts,…