Boston seems to be better positioned for recovery than other parts of the country. At least that is what was portrayed at a dinner hosted by the Builders Association of Greater Boston last Wednesday and reported by Banker and Tradesman. Boston’s low unemployment and steady income growth will help the local housing market rebound, predicted Robert Denk, an economist with the National Association of Home Builders.
States such as California and Florida, as well as cities such as Las Vegas and Phoenix saw extreme price growth in a short amount of time. “These are markets that are riddled with thse bad (sub-prime) loans. They’re going to cause trouble in teh market,” said Denk. He also added that “Boston, in particular, (doesn’t) have these problems.”
The national headlines may not apply specifically to the Boston real estate market, as we have seen in recent months. Every market is different and, though national trends are important, local trends tend to be more meaningful.