Banker & Tradesman: Sept. 23, 2019

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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS

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In a digital world, you might be forgiven for thinking sensitive paper documents are a thing of the past, but Rick Carey has made a career out of helping keep those files safe.

IN PERSON

County close-up: Suffolk

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Spotlight: Roxbury

WEEK OF MONDAY, SEPTEMBER 23, 2019

BANKING & LENDING BY THE NUMBERS

SPRING MARKET

$178.72 million Chase has grown its deposits in Massachusetts by $178.72 million. See Week on the Web on page 2. Source: FDIC

7.36 percent The share of the Suffolk County mortgage market controlled by its largest player. See By the Numbers on page 6. Source: The Warren Group’s Marketshare Module

$41,000 The average victim of financial elder abuse loses $41,000. See Lew Sichelman’s column on page 4. Source: CFPB

SPRING MARKET SHOWS MAJOR GROWTH OUTSIDE BOSTON

17.9 percent The top three lenders in Suffolk County control 17.9 percent of the mortgage market. See By the Numbers on page 6. Source: The Warren Group’s Marketshare Module

The mortgage on the fourth home in this week’s Gossip Report, provided by Boston Private Bank. See page 9. Source: The Warren Group

32.7 percent Rockland Trust has grown its deposits by 32.7 percent on a year-over-year basis. See Week on the Web on page 2. Source: FDIC

60 percent Most financial elder abuse cases involve the victim’s adult child. See Lew Sichelman’s column on page 4. Source: CFPB

550 million Datasafe Information Security has destroyed over 550 million documents for banks and other firms. See In Person on page 8. Source: Rick Carey

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.

Worcester a Draw for Buyers

BY IAN B. MURPHY

The local growth spurt was the result of high continually home prices in the Greater Boston area, said Gillian Bonazoli, a Realtor with Coldwell Banker based in Worcester. “The market in mid-ranged-price homes was very hot this spring,” Bonazoli said. “Inventory remains low and there are many buyers out there. It’s fueled by the Boston market and how people are getting priced out constantly, so there is a ripple effect that’s happening.” Spencer and Lunenburg appear on both top 25 lists of the fastest growing markets this year so far; Spencer saw a 26.7 percent growth in home sales year-over-year in the first seven months of 2019, and a 13.4 percent growth in the median sale price. Lunenburg saw a 25.3 percent increase in sales, and 21.6 percent growth in the median sales price. Bonazoli called the city of Worcester the epicenter of the area, with recent housing and infrastructure developments and cultural growth like the entertainment district growing around the future home of the Boston Red Sox’s Triple-A affiliate, which is moving to Worcester from Pawtucket, Rhode Island in 2021. But she said areas all over the county are growing quickly. “North and south of the city, those are really up-and-coming areas,” she said. “Even some of the more rural communities are seeing

SPECIAL TO BANKER & TRADESMAN

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ow inventory and record prices for property in Greater Boston fueled major growth in total sales and median sale prices for single-family homes in communities in Worcester, Bristol and Essex counties during the first seven months of 2019. Worcester County had seven of the top 25 communities with the highest growth in year-over-year sales of single-family homes, and six of the top 25 towns with the fastest-growing median sales prices, the most in either category Detailed Market Data out of all Massachusetts’ counties, according to The Warren Group, Page 11 publisher of Banker & Tradesman. Middlesex County still had the most sales in the same period with 6,704, but with more than 1.6 million residents it has nearly double the population of the next-most populous county – Worcester with 830,839 residents – according to 2018 estimates from the U.S. Census Bureau. Worcester County had the second-largest number of home sales from Jan. 1 through July 31, at 4,600.

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MOVING PIECES

FINTECH WEEK

Tenant Shuffle Accompanies Tower Makeover

FDIC Promises Innovation Office to Help

A Big Bet on Post Office Square

Fintech Conference Showcases Challenges

By Steve Adams | Banker & Tradesman Staff

Commercial Real Estate PAGE 7

By Diane McLaughlin | Banker & Tradesman Staff

Image courtesy of Gensler

$2.9 million

Worcester’s Growth Attracts Buyers

Banking & Lending PAGE 9


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