Compared to the rest of the country, Boston is in great shape and will be out ahead of other major cities as the housing market continues to stabilize.
This year alone, U.S homes are predicted to lose $1.7 trillion in value, with New York having the biggest decline of $103 billion and Chicago following with a $48 billion decline so far this year.
The Boston area was one of the two cities in the country to see increases in home values. Boston’s increases came to $10.8 billion, while San Diego saw a $10.2 billion jump. Local economists believe that health care and education are two industries that have had positive effects on stabilizing Boston’s housing and employment sectors.
Although Boston area home values have increased in 2010, the region is still down by $105 billion from its peak five years ago.