SPRING MORTGAGE MARKET REVIEW SEE PAGE 9
THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
PAGE 6
County close-up: Bristol Spotlight: Rehoboth
Conservation Law Foundation is on the front lines of battles over real estate and transportation planning in New England. Bradley Campbell, an attorney and former regional administrator for the U.S. Environmental Protection Agency, was named CLF’s president in 2015.
IN PERSON
PAGE 8
WEEK OF MONDAY, OCTOBER 21, 2019
RESIDENTIAL REAL ESTATE BY THE NUMBERS
$323,025 The median single-family sale price in Bristol County so far this year. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module
185,000 A regional group of towns and cities wants to build 185,000 homes by 2030. See Scott Van Voorhis’ column on page 3. Source: The Metro Mayor’s Coalition
No. 1 Gregory Kiely is the 2019 Massachusetts Realtor of the Year. See Week on the Web on page 2. Source: Massachusetts Association of Realtors
$1.95 million The price of the most expensive recent existing single-family sale in Bristol County. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module
7 The Massachusetts Association of Realtors testified on seven bills on Beacon Hill so far this year. See Anne Meczywor’s column on page 5. Source: Massachusetts Association of Realtors
$10.25 million The purchase price for the top home in this week’s Gossip Report. See page 9. Source: The Warren Group
4,217 The number of housing units in Rehoboth. See the Town Spotlight in By the Numbers on page 6. Source: U.S. Census Bureau
29 percent The boost to the median sale price conferred by proximity to MBTA service. See Week on the Web on page 2. Source: National Association of Realtors
Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.
SPRING LENDING MARKET
LOWER INTEREST RATES DROVE MORTGAGE-SEEKERS Lenders Expect Strong Mortgage Market to Last BY DIANE MCLAUGHLIN BANKER & TRADESMAN STAFF
W
hen mortgage lenders began preparing for the spring 2019 season, many did not expect the activity they would end up seeing. “All the forecasts going into last year were expecting higher mortgage rates,” said Shant Banosian, a senior vice president at Guaranteed Rate. “Lower rates were unexpected, and that fueled the fire a bit.” Lower interest rates helped drive the Massachusetts spring mortgage season. The volume of mortgages for single-family homes increased by almost $1 billion in the first six months of 2019 compared to the same time period last year. First-time homebuyers and people looking to refinance were among those stepping into the 2019 market. The average interest rate on a 30-year, fixed-rate mortgage started the year at 4.51 percent, according to Freddie Mac, and finished June at 3.75 percent. The average rate for a 15-year, fixed-rate loan slid from 3.99 percent to 3.18 percent over the same period.
$18 Billion in Mortgages
For single-family homes, Massachusetts had $18.25 billion in mortgage activity from January through June 2019, about 5.6 percent more compared to the same time period Continued on Page 10
Lenders across Massachusetts saw an uptick in mortgage activitiy this spring, despite ever-higher home prices, thanks to interest rates that dropped dozens of basis points.
COMMERCIAL INTERESTS
THE POWER OF THREE
Any Solutions Boston Finds Face Uphill Battle in ‘Burbs
Why a Dorm-Style Developer Pivoted in its Plans
By Scott Van Voorhis | Banker & Tradesman Columnist
By Steve Adams | Banker & Tradesman Staff
To Fix Housing Crisis, Time New Routes to to Dust Off Regionalization? Affordability in the Fenway
Commercial Real Estate PAGE 3
Commercial Real Estate PAGE 7