Signs Of Continuing Insanity

Basement studio, $449,000. Admittedly, the location is stellar, parking is included, and it’s 1070 feet of “garden-level” loft-style condo. But it’s still a basement studio asking $419 per square foot.

The WSJ says inventories are down slightly in Boston, but I don’t share their interpretation that it’s a sign of recovery. I think fewer people are trying to sell. The same is true of the argument that more mortgage applications mean more sales. It could be that more people are applying for mortgages, but it seems more likely that a smaller number of people are applying for several mortgages each, because lending standards have tightened and people are getting multiple rejections.

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