Real-estate rally? Market shows surprising second-half rise

At the time of the mid-year review (“Lies, damned lies and statistics,” Marblehead Reporter, July 31, 2008), Marblehead’s realtors and lenders possessed a sense of optimism amongst that, whilst prices had declined from peak levels, signs of stability were emerging.

The second shoe of the financial crisis — Fannie Mae, Lehman, AIG, credit-default swaps — not only added a host of new names and financial jargon to everyday conversation but also created widespread concern, in some cases approaching panic. That the crisis in confidence was fueled by media headlines is undoubted, but at the same time there were real concerns, such as a sharp drop in stock markets worldwide and widespread job losses. Headlines continued to shout about the decline in home prices nationally and the continued increase in foreclosures.