Mass. Realtor Confidence Keeps Rising
Realtors in the Bay State expressed continued confidence in the Massachusetts housing market in spite of some concerns that the so-called "fiscal cliff" could bring it down in January.
The Massachusetts Association of Realtors (MAR) said its monthly survey of members on market conditions and real estate prices revealed continued faith. MAR's Market Confidence Index rose for the 16th straight month, remaining above the midway point of 50 (at 57.31) on a scale of 1 to 100 for the eighth consecutive month.
Meanwhile, the group's Price Confidence Index rose for the 10th straight month, peaking above 60 – the November reading was 67.54 – for the seventh consecutive month.
However, close to half – 49 percent – of MAR members said the impending "fiscal cliff" was impacting sellers and potential buyers. The "fiscal cliff" is an array of federal tax increases and cuts in government spending that will take effect Jan. 1 if Congress and the White House fail to reach an agreement by year's end on a different package of tax hikes and spending cuts. One tax deduction that has reportedly been addressed that would impact the housing market is the mortgage interest deduction, "which remains so essential to the continuing housing recovery," said Trisha McCarthy, MAR president.
Image credit: FreeDigitalPhotos.net.
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