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[0:32] ..." sharpest rate ever in the second quarter. But not here in Massachusetts. Standard and poor's case Shiller US national home price index. Tumbled a record 15%. During the quarter from the same period a year ago but"...
[1:43] ..." are down they're down substantially -- in Phoenix. And Miami in the Las Vegas they're down third. But those declines they're not new information. They've occurred over most of the passed here what can do information"...
[2:37] ..." dropping. But they're not dropping -- they work so there's been deceleration in the rough places. Can actually pick up in the of this city the twenty cities."...
[4:12] ..." the north shore if you look at warrants civil or -- to Brockton. Companies have of the places where the sub prime. Fever expanded the demand for housing dramatically drove up the prices have dramatically."...
[0:00]" This is Anthony solely in the WBZ newsroom home sales in Massachusetts are continuing to fall according to the latest report from the Warren group. Although some homes are selling at a brisk pace the median selling prices in June fell more than 12% to about 320000 dollars in this time last year. Single family home sales slipped 6% in July. But there are some bright spots sales climbed some companies including -- Franklin -- double in -- sheer. Meanwhile a widely watched housing index released today. -- home prices dropping by the sharpest rate ever in the second quarter. But not here in Massachusetts. Standard and poor's case Shiller US national home price index. Tumbled a record 15%. During the quarter from the same period a year ago but Boston was one of the bright spots. I spoke with the author of the report. Wellesley College economics professor Karl case."
[0:53]" index shows is we do that get these all the transactions that occur. Their arms like transactions including. Traditional buyers and sellers as well as banks and institutions that. Have picked up these properties to foreclosure and reselling them. On the open market so they're open market. Market. Arms like transactions. And we look up. One that property changed hands the last we try to control for the fact that they've made -- changes in the property took a measure of appreciation. And it includes the good the bad and the ugly stuff from. Foreclosure areas of non foreclosure. With the indexes saying this month. Is quite interest. We've been seeing accelerating price movement downward. The year over year price indexes are down they're down substantially -- in Phoenix. And Miami in the Las Vegas they're down third. But those declines they're not new information. They've occurred over most of the passed here what can do information came up today was. What happened in the last month. Where -- of the final month is June we only get transactions went -- recorded to be sure they're real. If you look at the June figures and he compared to may and we tobacco further look at -- month -- month that new information in the monthly figures. The positive news on the monthly figures is 920 cities are actually up including Boston for the third month in row. And there's -- glamour of opening statement it does suggest that the larger places where there's. -- letter of building in this for closure left and right. Those places have a ways to go they're still dropping. But they're not dropping -- they work so there's been deceleration in the rough places. Can actually pick up in the of this city the twenty cities."
[2:48]" Now that is very positive news obviously when you look at the number. The twenty year as the twenty city index. Which fell fifteen point 9% in June that's the largest drop since the inception of the index but obviously to really get this this trend. You know housing is local and -- almost half of these markets we're seeing a rise in selling prices for the first time."
[3:13]" That's exactly that in the case of book and several dozen cities for the third time. Boston for the last three months has been up. And so since since the peak it down among the of the best of the indices Boston for example. And -- is going down 11%. There are a bunch of places that are over 30% down. And then Boston the figure since the peak has been been. Point it was up to thirteen and a half percent below peak and then now with three months of positive. Changes the small but they're positive. They're reducing that figure that -- to eleven."
[3:48]" So that number indicates that at least in Boston. The rapid. Home building that took place in many areas. We were insulated from that to some degree so that itself."
[4:02]" Right and it this thing about this down 11% from PK is it's very different from location to location around the city of Boston. If you look at the north shore if you look at warrants civil or -- to Brockton. Companies have of the places where the sub prime. Fever expanded the demand for housing dramatically drove up the prices have dramatically. In the early part of this decade. They're experiencing these foreclosure auctions have substantially lower prices. But the rest of the market area seems to be holding its -- quite well who are most of the transactions are between traditional buyers and traditional sellers."
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