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Issue of January 21, 2008 |     |
Bay State Foreclosures Rise 150 Percent in 2007Foreclosure deeds in Massachusetts increased nearly 150 percent in 2007 compared to 2006, and were up seven times the number of foreclosures in 2005, according to The Warren Group, Banker & Tradesman’s parent company. Home Improvement Spending Expected to Slow By Aglaia Pikounis The bathroom makeover into a spa-inspired retreat will have to wait. Homeowners will tighten spending on home improvement projects this year, predicts a new report. People’s United President Loses Battle With Cancer The president and chief executive officer of Bridgeport, Conn.-based People’s United Financial, John A. Klein, died of cancer on Friday. State’s Home Prices, Sales Down Sharply By Aglaia Pikounis Home prices in Massachusetts dropped nearly 5 percent in 2007, the second consecutive year they have declined, as sales sunk to their lowest level in 15 years. Residential Mortgage Lending Down 60% From Peak Levels By Amy Wyeth The sky really is falling, at least on the local lending scene. Mortgage originations, once buoyed by a high-flying real estate market, slipped into a tailspin last year as the housing sector struggled and the subprime lending arena imploded. Condo Sales Hit Four-Year Low; Prices Also Endure Decrease By Aglaia Pikounis Condominium sales in Massachusetts fell in 2007 to the lowest point in four years, while prices dipped 2.6 percent. |
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