{"id":397,"date":"2005-08-04T12:16:17","date_gmt":"2005-08-04T17:16:17","guid":{"rendered":"https:\/\/thecapeblog.com\/wp\/?p=397"},"modified":"2005-08-04T12:16:17","modified_gmt":"2005-08-04T17:16:17","slug":"more-woes-for-mass","status":"publish","type":"post","link":"https:\/\/thecapeblog.com\/?p=397","title":{"rendered":"More Woes for Mass."},"content":{"rendered":"<p>As if the combination of a declining population, an anti-medical research Governor, a horde of screwball judges, and a Legislature dominated by DUI-loving defense lawyers wasn&#8217;t enough of a curse:<br \/>\n<a href=\"http:\/\/money.cnn.com\/2005\/08\/03\/real_estate\/buying_selling\/pmi_riskiest-markets\/index.htm?cnn=yes\" target=\"_blank\">CNN.com reports<\/a> that the Boston-Quincy, MA housing market has the highest probability in the US (over 55%) for a decline in prices over the next 2 years.<\/p><p><!--more--><br \/>\nThe numbers were put together by the PMI Mortgage Insurance Corporation.  This is the same PMI that charges a premium when you put down a deposit of less than 20% on a home purchase.<br \/>\nFrom PMI&#8217;s own press release:<br \/>\n<em>Nationwide, there exists a 21.3 percent probability of an overall house price decline, as measured within the next two years and across the 50 largest housing markets, up marginally from 20.2 percent last quarter.<\/em><br \/>\nIn other words, the likelihood of real estate prices in Boston and the South Shore declining over the next 2 years is 2 1\/2 times as great as the probability for the largest US housing markets as a whole.<br \/>\nThe outlook is a little better, but not much, for the western suburbs:  Cambridge-Newton-Framingham, MA has a 2-year price-drop probability of a little under 47%.  The probability for the Providence-New Bedford area is 43%.<br \/>\nCompare this to Portland-Vancouver-Beaverton in the Pacific Northwest:  their probability is only 9.5%.<br \/>\nPMI&#8217;s Market Risk Index is a statistical model that takes into account the federal government&#8217;s House Price Index, BLS labor market statics and their own affordability index.<br \/>\nSeeing this report today is especially poignant since I just found out today that some good friends, yet another bright, hardworking, educated young couple, are leaving the Cape at the end of this month.<br \/>\nAssuming Boston&#8217;s predicted decline manages to ooze its way eventually to the end of Route 3, guess my friends are fortunate to get out before the deluge.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As if the combination of a declining population, an anti-medical research Governor, a horde of screwball judges, and a Legislature dominated by DUI-loving defense lawyers wasn&#8217;t enough of a curse: CNN.com reports that the Boston-Quincy, MA housing market has the &hellip; <a href=\"https:\/\/thecapeblog.com\/?p=397\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-397","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/thecapeblog.com\/index.php?rest_route=\/wp\/v2\/posts\/397","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thecapeblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thecapeblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thecapeblog.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thecapeblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=397"}],"version-history":[{"count":0,"href":"https:\/\/thecapeblog.com\/index.php?rest_route=\/wp\/v2\/posts\/397\/revisions"}],"wp:attachment":[{"href":"https:\/\/thecapeblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thecapeblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=397"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thecapeblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}