The number of Boston bank owned homes and other types of residences in the city that were purchased by buyers continues to rise in March 2010, according to housing market statistics. Residential property sales rose to more than 45% in March when compared to the same period of 2009.

According to local realtors, the willingness of residents to purchase bank owned homes in Massachusetts and other types of dwellings was fueled by the federal government’s tax credit incentive. The increase in home sales helped the local market improve, but realtors are still unsure whether the improvement can be sustained in the coming months.

Real estate market observers have stated that there remains a demand for dwellings, with more people looking in on listings of foreclosed homes. However, whether they will make the decision to buy or not will depend on the stability of employment indicators in the area, realtors have added.

The area is still enjoying low prices of Boston bank owned homes and average mortgage rates despite the expiration of the federal tax credit program, realtors have reported. Prices of dwellings in the city also did not suffer from drastic declines since the area did not have much residential construction projects to begin with.

The presence of high technology companies and universities also contributed to the continuous demand for homes in the Boston area. In terms of foreclosure homes by state, Massachusetts held its own rather well as evident in bank properties having multiple offers, with most of them being sold for prices higher than their listing worth.

Regional economists have also claimed that the city was protected from the housing crisis, with foreclosure listings, including listing of HUD homes, not posing as much worries as in other areas of the U.S. The steady condition of the housing market in Boston was largely attributed by analysts to the strong employment status of the area.

Sales of Boston bank owned homes and other residential property types in the city continue to post strong numbers as of March 2010. However, realtors are still unsure whether this trend will continue for the rest of the year.

Original Post: Sales of Boston Bank Owned Homes Continue to Rise on ForeclosureListingsNationwide.com.