Boston Fed: Massachusetts suburb receives housing boost from Boston
A Boston Federal Reserve paper published on Tuesday assesses the impact of the mortgage crisis on Chelsea, Massachusetts, a low-and moderate-income suburb of Boston, and finds the community is recovering faster than others due to growth in the local economy.
The authors - Lynn Fisher, Lauren Lambie-Hanson, and Paul Willen - show that house prices in Chelsea fell by nearly 48% in 2009 from their peak in 2005.
The authors note, however, that after a period when the national housing slump caused
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