In the News...

Growing home equity and low interest rates fuel housing and remodeling industries

"Sales of both new homes and previously owned homes set new records in 2004 for the fourth straight year as homebuyers have taken advantage of the lowest mortgages rates in their lifetimes. The Federal Reserve has begun to slowly raise rates over the last year but those changes have had little impact on mortgage rates and on home buying as they remain very low comparatively to the rates of the last 30 years."
- Boston Globe Feb 1, 2005

Over the past five years, equity in household real estate has jumped 43 percent to 7.67 trillion in 2003. That coupled with the lowest interest rates in over 30 years has continued to fuel home sales, refinancing and borrowing for home remodeling projects. This has led to record levels of home sales and money spent on remodeling and renovations. In fact, many feel that the strength of the housing related industries has been a key factor in keeping the economy upright during and after the recent recession. Also U.S. home ownership rates reached 67.9% of all households in 2002, the highest level ever.

For more information on mortgage rates, refinancing or home equity lines we recommend our banking partner, Clinton Savings Bank.com, and for general bank rate information try BankRate.com. Also, you may obtain your own credit report information at Myfico.com

In Massachusetts, we have seen the record highest average sales price in the month of June 2003 at $414,517. In 37 cities and towns in the Globe West circulation area, median single family home prices have appreciated 50% or more in nearly every community over the last five years. So in Massachusetts, our homes are worth more and many of the remodeling projects that typically don't provide an immediate return in value are doing it much more quickly.

For more information on the cost and value of remodeling projects, email us to request a copy of the annual Cost Vs. Value Report from Remodeling Magazine