Brighter outlook for Mass. businesses in 2013

real_estate

US and global economies are predicted to rebound if the fiscal crisis can be resolved swiftly, and Massachusetts is well positioned to build on its strengths

By Globe Staff | The Boston Globe | December 30, 2012
The Massachusetts economy, despite slowing in recent months, should improve in 2013, adding jobs at a moderate pace and gaining speed towards the end of the year, according to economic forecasts.

But the forecasts hinge on an important factor: the fiscal cliff. If drastic federal tax increases and spending cuts go into effect next month as scheduled, they could tip the state and national economies into a double-dip recession, according to Northeastern University economics professor Alan Clayton-Matthews. Massachusetts stands to lose more than 50,000 jobs in the next few years unless a political compromise is reached soon.

Clayton-Matthews said he expects Congress and the White House will reach a compromise before the worst can happen. And once they do, he said, it should provide a lift for Massachusetts, freeing employers from uncertainty about taxes and the government’s next move. Read More

Mass. home sales rise 8% in Sept.

housing market

By Jenifer B. McKim | The Boston Globe | October 26, 2012

Sales of single-family homes and condominiums kept climbing in Massachusetts last month as more buyers decided to take advantage of historically low interest rates, ­according to numbers released Thursday.

There were 3,791 single-family homes sold in September, an 8 percent increase compared with the same month last year, according to Warren Group, a Boston company that tracks local real estate. Between January and September, single-family home sales rose nearly 22 percent compared with the same period in 2011.

The condo market fared even better, with 1,609 units sold in September, a 23 percent increase compared with the same month in 2011. Year-to-date, there have been 14,641 condo sales, 27.5 percent more than during the first three quarters of last year, Warren Group said. Read More

August foreclosures fall to a low for ’12 so far

foreclosures

By Jenifer McKim | The Boston Globe | October 3, 2012

The number of Massachusetts homeowners­ who lost their properties to foreclosure in August fell to 566, about 40 percent fewer compared with the same month last year and the lowest monthly total for 2012, figures released Tuesday showed.

It marked the third consecutive month of declining foreclosures, compared with the same period in 2011, according to Warren Group, a Boston company that tracks local real estate. But despite the August decline, higher foreclosure numbers earlier in the year resulted in a year-over-year increase of 8.4 percent for the January-through-August period. In the first eight months of 2012, the firm said, 5,975 homes were lost to foreclosure in Massachusetts.

Petitions, the first step in the seizure process, increased slightly in August­ to 1,456, a 4.2 percent rise, compared with the same month last year. Between January and August, the number of petitions delivered to homeowners increased by 46 percent, to 12,079. Read More

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