SPRING HOUSING MARKET REVIEW SEE PAGE 8
ANNIVERSARY BY THE NUMBERS
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R E AA LL EES ST T F AI N A INA CL I IANLF OI R NM F A O TRI M A TSI I O RE AA T ET E& & FIN NC ON NN C E S 1I 8N7C2 E
County close-up: Worcester Spotlight: Oakham
IN PERSON
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Don Peebles’ pair of developments at highway tunnel portals in Boston come with complicated design considerations, but also potential transformational changes.
WEEK OF MONDAY, SEPTEMBER 19, 2022
RESIDENTIAL REAL ESTATE BY THE NUMBERS
22.15 percent The year-over-year drop in new listings in August. See James Sanna’s story on page 8. Source: Realtor.com
$406,019 The Worcester County median single-family sale price in July. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module
TRENDING LENDING
HELOCs
STEP INTO THE GAP Greater Boston homeowners are sitting on $225.76 billion in tappable home equity.
$585,000 The statewide median single-family sale price in July. See James Sanna’s story on page 8. Source: The Warren Group’s Statistics Module
4,288 The year-to-date number of single-family sales in Worcester County as of July 31. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module
5.66 percent The average interest rate on a 30-year, fixed-rate mortgage at the end of August. See James Sanna’s story on page 8. Source: Freddie Mac
$280,000 The year-to-date median single-family sale price in Athol as of July 31. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module
9,567 The number of combined single-family and condo listings statewide in August. See James Sanna’s story on page 8. Source: Realtor.com
$988,500 The year-to-date median single-family sale price in Southborough as of July 31. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module
Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.
As Refis Wane, Borrowers Shift to Other Products BY DIANE MCLAUGHLIN BANKER & TRADESMAN STAFF
M
ore homeowners – and lenders – are turning to home equity loans and lines of credit in the face of historic levels of tappable equity and rising mortgage rates that make cash-out refinances unattractive. “If [homeowners] want to get the eq-
uity out of their homes, the most affordable way to go is to get the home equity line of credit,” said Barbara Yanke, senior vice president and director of residential lending at Leominster-based Fidelity Bank. “People have really been deciding that’s the better way to gain that extra equity they now have in their home with the appreciated values; it’s the best way to gain access to that and leave their first mortgage alone.” The historically low interest rates in 2020 and 2021 have left 73 percent of homeowners nationwide with a mortgage rate below 4 percent, according to John Burns Real Estate Consulting.
Some of the traditional reasons borrowers open HELOCs include house repairs and debt consolidation. With more rate hikes expected as the Federal Reserve attempts to bring down inflation, HELOCs could become a key resource as borrowers look for ways to manage expenses and finances.
Record Equity to Tap
HELOCs provide homeowners with access to a line of credit, similar to a credit card. Not everyone who applies for a HELOC ends up accessing funds. Continued on Page 11
COMMERCIAL INTERESTS
O U T E R R I N G R E V I VA L
Boston to Launch Downtown Revitalization Effort Next Month
New Owners Have a Different Approach at Corporate Campuses
By Scott Van Voorhis | Banker & Tradesman Columnist
By Steve Adams | Banker & Tradesman Staff
The Daily Office Commute Projects Reimagine Is Dead. Now What? I-495 Office Parks
Commercial Real Estate PAGE 3
Commercial Real Estate PAGE 7