It's not even worth a picture. The Boston Globe had a pretty decent article on the collapses in home prices in central Massachusetts. Towns like Athol and Orange have seen over 40% declines in home prices over the past several years. Meanwhile, towns in the Boston area are experiencing increases in home prices, which demonstrates that in times of stress, there is a "flight to quality" as someone once explained it to me.
What happens when the price of house falls well below its structural replacement cost? Is that a sign that the neighborhood or region it is located in is in deep trouble?
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