Area economists say the bottom may be near for the slump of housing prices in Massachusetts. That’s the good news.
The bad news: Don’t expect a rapid rebound. Expect prices to move sideways for a while before rising. Those who recently bought homes likely will remain “under water” — owning a home valued at less than they paid — for several years.
Economists interviewed by the Boston Business Journal see a bottoming of prices over the next nine months. The combination of lower prices and month-to-month improvements in sales volume are offering hope that the market is nearing its nadir after a steady decline highlighted by an 11 percent slide in prices since 2005.
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