RE/MAX issues New England real estate outlook

According to a new report from RE/MAX of New England, "home foreclosures will continue to significantly impact the New England real estate market in 2009, creating opportunities for first-time buyers and real estate investors, but keeping home prices at or near 2008 levels."

remax109.jpg Average sales prices in Massachusetts dropped by 9 percent, from $398,724 in 2007 to $363,102 in 2008, said a report titled "The 2009 New England Housing Market Outlook."

But low mortgage rates and lower home prices could usher in some hopeful signs by the second half of 2009, the report added.