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Thursday, September 7, 2006

Caution, falling real estate prices ahead


It's something that might have seemed unthinkable to many people a few years ago. The slowdown in the real estate market means some people are now selling their homes for less than their assessed value, a Globe business story reports today.

House prices dropped 3.5 percent in July, the biggest decline in more than a decade.

Even the homes in highly sought-after communities are selling for less than their assessed value. For example, a home near Newton Center was assessed at $511,700. It was on the market for $499,000. The final sale price: $490,000.

A Globe analysis of prices in Newton showed that 16.5 percent of homes sold for less than the assessed value between January and June.

-- Erica Tochin

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