Boston Real Estate on the Rise

Boston Prices rose in May. However, nationally most major markets can cry the same tears. Lack of inventory. Buyer demand is there but there are not enough units of supply to match demand. “The May sales report released Wednesday by the National Association of Realtors shows a housing market unable to meet the demand from […]

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New development on Revere Beach brings luxury to waterfront

I have to say this about today’s new development, it’s about time someone built a nice condominium complex on Revere Beach.  When you think about it, waterfront property has much appeal.  Yet, so many seaside communities look like dumps (I’m thinking Salisbury Beach, for example). I just received an email announcing a new development, "The […]

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What You Get For The Money (episode 1)

Here’s the concept:  Pick a purchase price amount, anywhere from $200,000 to $2,000,000 and compare what you can get in each of Boston’s neighborhoods. This week: $350,000. (Rules and full disclosure statement: Information is pulled from MLS, so I cannot be held responsible for errors & omissions.  These are listings offered by other agents, who […]

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HUD Settlement Costs Booklet outlines costs of buying real estate

I have added a link to the list at left for an excellent booklet put out by the US Department of Housing & Urban Development.  It doesn’t just break down a list of closing costs, it explains just about everything you need to know about financing the purchase of a house or condo. Originally posted […]

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What do you call this neighborhood?

Regarding the story in today’s Boston Homes about the developing neighborhood around the Broadway subway stop, in South Boston, perhaps it needs a name. Every neighborhood should have a name, as residents of New York City have found out. Unfortunately, I am not creative.  "Near the Broadway T-stop" works for me.  Other new arrivals might […]

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Broadway T-stop area of South Boston looks ripe for redevelopment

Boston Homes has an interesting article this week on the "hot" new neighborhood developing in South Boston, just over the bridge from the South End, near the Broadway subway stop. If you like the idea of being in a new neighborhood and of feeling the excitement as things change and develop around you, then this […]

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Title insurance – what is it, and how does it work?

Great article, explaining what a title company does, as well as why you should get title insurance. By Alina Tugend, New York Times Like most homebuyers, Debra Kling did not pay much attention to title insurance when she and her husband bought a home in Larchmont, N.Y., last year. It was just part of the […]

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Millennium tower may still rise over the Mass Turnpike, in Back Bay

Whoa.  Not sure how I missed this story. Several years ago Millennium Partners (they of the Ritz Carlton Towers and One Charles) floated the absolutely insane idea of putting a huge skyscraper over the Mass Pike, round about where the Tower Records Virgin Records 360 Newbury building is located, on top of near the Berklee […]

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New Russia Wharf housing and office space development, on new Rose Kennedy Greenway, is revised

More redevelopment is planned down on the Rose Kennedy Greenway, including this $300 million project, a mixture of office, retail, and residential space. Russia Wharf is that block where the model shipbuilder store used to be, which you may have never noticed because you’ve always been stuck in traffic down there.  It’s also next to […]

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Boston:20 Cities Where Home Prices Are Skyrocketing

June 2016 Median List Price: $625,000 June 2015 Median List Price: $549,900 Year-Over-Year Change: 13.66% Across the Boston area, the housing market is full of activity — fortunately, much of it is healthy. The increase in home prices is more closely aligned with what people owe on their homes. Homeowners, therefore, have more flexibility to […]

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Boston Globe editorial: Current owners of Fan Pier must make some decisions

The Boston Globe chimes in with an editorial on the development of Fan Pier. This is the part I find interesting: Publicly, the Pritzkers are maintaining silence about the mayor’s pressure, but rumblings from their direction suggest that they consider the land over-encumbered with public amenities and infrastructure requirements. It’s true that the state and […]

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Developer says that Boston can’t build enough high-end housing

Shhh…don’t tell State Rep. Marty Walz, but, apparently, someone does think the city of Boston needs more luxury housing. One developer is projecting that the market can handle 500 – 600 new "luxury" units coming on the market, each year, for the next ten years, or so.  And, I agree – The top-end market can […]

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Man sells house, buys multi-family building in the South End, hilarity ensues

Funny story about a suburban homeowner who decided to up-and-move into the city.  I checked the record, and, yes, he’s right, I think he got the building for a steal.  I think the agent did a great job too, seeing as he was a part owner, and things could have gotten very messy, with conflict […]

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South Boston neighbors’ tiff prompts a cry of nepotism

A local couple finds out that getting things done in South Boston can be difficult, especially for new arrivals.  They want to put an extra parking spot behind their home, but annoyed their neighbor, who is a relative of a city councilor, and their request is, suspiciously, denied. By Andrea Estes, Globe Staff Amanda and […]

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New Clarendon Street project approved by Boston Redevelopment Authority

The BRA gave final approval to The Clarendon project, a 350-condo development between the Back Bay and South End.  This is NOT the "Columbus Center" project, the very controversial project that developers want to build over the Massachusetts Turnpike. Boston Business Journal The Boston Redevelopment Authority (BRA) gave the final approval Thursday to a 350-unit […]

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Boston & Massachusetts home sales and number of properties on the market – Boston Housing Bubble

People are having a little fun over at The Housing Bubble blog.  In the post, the blog’s author repeats statistics appearing in an article from the Daily News Transcript (where this newspaper is published is not really clear – Worcester?) "According to the Multiple Listing Service Property Information Network, the largest property listing service in […]

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Our Pier-less leader loses big tax bucks – Fan Pier and Seaport District lay undeveloped

The Herald’s Scott Van Voorhis adds his own two-cents about the lack of progress in the Fan Pier / Seaport District area, and puts the blame squarely on the back of Mayor Menino. Boston homeowners are getting socked with skyrocketing tax.  And Mayor Thomas M. Menino, in full campaign mode, is pointing fingers.  He’s blasting […]

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Boston loses 19,000 residents over four year period – but not due to high housing costs

This article doesn’t make any sense! The article begins, "Skyrocketing housing prices are driving people from San Francisco, Boston and other big cities." However, nowhere does the reporter state where this conclusion comes from – she quotes census figures showing that the big cities are losing residents, but gives no data to support her conclusion […]

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Businesses Call Road Project “Revenue Roadblock”

More on the delayed renovation project on Cambridge Street: The idea first came up 10 years ago as a way to improve business along the edge of Beacon Hill. But now, three years after construction began, it’s still going on and patience is wearing thin. NewsCenter 5’s Pam Cross reported that the Cambridge Street improvement […]

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Most awesomest website, ever

I must repeat my earlier praise of Holden Lewis’ "Mortgage Matters" column, at bankrate.com.  He seems to have a very good grasp of what drives mortgage rates, and presents his information with lots of relevant data. Originally posted 2005-06-29 22:53:00.

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Selling Lowell, via a martini bar

Neat idea.  Cities looking to attract young, first-time homebuyers are finding new ways to market their appeal: By Emily Sweeney, Boston Globe It’s just past 9 p.m. at Vox Populi, a martini bar in Boston’s Back Bay. As the well-coiffed crowd swarms the bar, a young man in an unbuttoned polo shirt stands back, notices […]

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The sad ending to West End story

I don’t think the West End was really worth saving, but here’s a story about someone getting kicked out by the BRA who worries about similar things happening in Boston, in the future, following last week’s Supreme Court decision. Sad Ending to a West End Story, By Peter Gelzinis, Boston Herald In the 1955 class […]

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Four economics questions (three about housing)

1) Has the increase in dual-income families (with the number of working women increasing from 30% to 60% over the past sixty years) actually caused a higher cost of living? 2) Is the rental vs. buying expense comparison a valid way to measure high housing costs? 3) Do real estate agents try to convince their […]

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YooD4 project turns to Philippe Starck for design

By Tina Cassidy, Boston Globe Panos Demeter is sitting on a white, molded-plastic chair near a fluffy fur ottoman and a rococo mirror that keeps flashing the word ”sexy" in pink neon. So when he talks about being part of the development team that is turning the South End’s former Area D-4 police station on […]

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City Council President Michael Flaherty asks mayor to take Fan Pier land by eminent domain

Whoa. Guess I’m not the only one thinking about the powers of eminent domain. From the Globe: Boston City Council President Michael Flaherty said yesterday that Mayor Thomas M. Menino’s efforts to spur development of Fan Pier do not go far enough, and he again called on the city to consider seizing the South Boston […]

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New construction in Boston, MA

I read about three new developments under construction in Boston.  First, there is the new Greenway Place development, overlooking the Rose Kennedy Parkway.  Very weak name, although I realize, of course, why they named it that.  Second, a new development on Newbury Street, called, The Dubarry.  Suspiciously, the artist’s drawings don’t show the big mural […]

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Skepticism, rear your ugly head…North End on brink of major changes

Remember the post I wrote earlier today about people getting down to the Seaport District by way of spaceship?  Read on for another example.  Different neighborhood, same pipe dream: For decades the green and pink Italian cookies and shimmering marzipan fruit in the window of Maria’s Pastry Shop could do little to brighten the dank […]

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Menino threatens Fan Pier permits

There are two large parcels of land down in the Seaport District – one area is controlled by the Pritzker family and the other by Frank McCourt, previously the owner of the Boston Red Sox, now owner of the Los Angeles Dodgers (and, therefore, an absentee landlord). The city is now threatening to take back […]

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Freakonomics – an unbiased review from a real estate agent

As most readers are probably aware, economist Steven D. Levitt and author Stephen J. Dubner have written the bestselling book, "Freakonomics: A Rogue Economist Explores the Hidden Side of Everything". I read the book because I recently became a member of a book club.  I found the book very entertaining, although a bit weak.  Each […]

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Changes to capital gains tax laws are behind housing price appreciation

Hello fellow economists. Here’s a question for you.  How much of an effect, if any, have the changes to the tax laws in 1997 have on the increase in housing prices over the past eight years? Prior to 1997: gain up to $500,000 per couple exempt from capital gains taxes, if you are over 55 […]

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Boston sampler – Progress on the South Boston Waterfront

Things are happening on the waterfront. By Steve Bailey, Boston Globe It is a mistake to think progress is not happening on the South Boston Waterfront. The latest evidence: A key site just across from the new convention center is changing hands, meaning construction could begin in less than a year on nearly 700 units […]

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On the waterfront – Seaport District of Boston gets developed…slowly

Joan is less skeptical than I am that anything of any substance will ever be built down in the Seaport District. She writes: Some day, people will live, work, visit, eat, shop, and revel in the views as a matter of course. Many will have no recollection of how it looks today, or how it […]

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Mass.: New Agency Disclosure Forms Required

National Association of Realtors – Under regulations that go into effect on July 1, all real estate practitioners in Massachusetts must use a new mandatory agency disclosure that aims to bring clarity to agency relationships. Originally posted 2005-06-23 23:16:00.

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High court OKs eminent domain – personal property seizures

Yikes, this is a bit disturbing.  Should a city’s government be able to take land belonging to a private individual?  I’m leaning toward "no".  This reminds me of a case in New York City, where the New York Times wants to move back into Times Square (natch) but someone else owned a piece of land […]

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New York City Rent Board Approves Rise of Up to 5.5 Percent

I am so glad we don’t have to deal with this sort of thing in Boston. New York City still has rent control, as well as something called "rent stabilization".  Basically, every year the "Rent Guidelines Board" gets together and, after listening to tenants and landlords yell at each other, decide how much rents should […]

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Selling your home – when other owners have “right of first refusal”

Since I’m apparently feeling very chatty, here’s another random thought I just had. If you’re selling a condo, you might want to check the condo docs, carefully, before putting your home on the market.  I had a situation last year, or the year before, where I was selling a condo for someone, and got an […]

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Awesome blog of the day…

One of the great things that has happened due to low interest rates, steady (and slightly improving) economy, and the great housing boom of the past couple of years is that neighborhoods that weren’t so great are now being rediscovered, renovated, and rejuvenated (spell check?). Example?  Here in Boston, Dorchester has seen a huge amount […]

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Tenants complain about developer John McGrail and the Mayo Group

Nice smear job in today’s Boston Herald. I have never met John McGrail.  I did recently sell a condo in one of his developments, in Lynn, to a first-time homebuyer.  I thought the work he did was of good quality – so much so that I was going to buy a unit, myself, to live […]

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Make way for condos – new condo construction projects announced for downtown Boston

Two new condo projects were recently announced for the downtown, financial district area of Boston.  The "South Street Condominiums" are not to be confused with the renovation project going on at 210 South Street.  This is kind of interesting.  The location, to me, is prime, although I think others would prefer to be near more […]

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When a ‘no-brainer’ becomes a ‘nightmare’

This is the worst of the worst possible scenarios you could encounter. Others fear this sort of thing will be repeated, over and over again, as people buy second and/or vacation homes, and then are tapped out.  If they’ve put little or no down on the second property, they’ll have very little room in which […]

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New rooms with a view – East Boston is redeveloped

Whoa.  check the bottom paragraph.  Yes, the plans by the two developers definitely do differ, widely. By Christine MacDonald, Boston Globe The rotting piers in the long shadow of the Tobin Bridge are a gathering spot for neighborhood homeless people. But townhouses and condominiums could displace them, rising up from the old docks and untended […]

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Why not ‘Eastie’?

  A few weeks ago, alert Eastie residents noticed somebody advertising an apartment in ”EaBo” on craigslist. Now Salem Group Properties has set up a weblog just to discuss real estate in Boston’s ”EaBo” neighborhood: ”EaBo is broken up into 3 major sections: Eagle Hill, Orient Heights, and Jeffries Point.” That’s not sitting at all […]

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Beacon Hill Condos Summer Stats

2017 Beacon Hill summer stats. Number of Beacon Hill condos for sale – 24 Average list price – $2,422,000 Average days-on-the-market – 149  

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Boston real estate sales – May 2004 vs. May 2005

Data from LINK, the database of sales activity used by most real estate agents in the city of Boston. May 2004 Total number of condo sales (closings): 569 Average sales price: $481,870 Median sales price: $395,000 Avg $ / SF: $461 Avg days on market: 75 May 2005 Total number of condo sales (closings): 455 […]

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Weekly Boston Real Estate Sales and Listings Update, June 10, 2005

Below is a report of sales and listing activity for the past week. Information is derived from LINK, the online database that is used by most Boston real estate agents. New listings: 215 Back on market (listings that went under agreement but deals fell through): 16 Price changes (almost always downward, but some go up): […]

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BRA approves plan for Basilica Court

Boston Business Journal The Boston Redevelopment Authority approved a plan to convert a Mission Hill school to housing and to demolish a neighboring church hall and convent to make room for two residential buildings. When completed, the Basilica Court condominium project will have 229 units, with 28 considered affordable housing. The Mission Church itself will […]

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Luxury home buyers in Boston are paying in cash

The Boston Courant reports this week that many of Boston’s high-end homeowners have insulated themselves from a Originally posted 2005-06-07 11:04:00.

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Weekly Boston Real Estate Sales and Listings Update, June 3, 2005

Below is a report of sales and listing activity for the past week. Information is derived from LINK, the online database that is used by most Boston real estate agents. New listings: 102 Back on market (listings that went under agreement but deals fell through): 25 Price changes (almost always downward, but some go up): […]

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Housing more affordable, Fed study says

Well here’s an interesting spin on the high cost of real estate.  Because of low interest rates and increases in personal income, the cost of housing has actually DECREASED over the past two decades. Source: Bubble? Housing more affordable, study says Even though home prices are on the rise, research by the Federal Reserve Bank […]

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Competing teams join to develop Jackson Square (Jamaica Plain, Boston)

Tom Witkowski, Boston Business Journal Two real estate developers who had been competing for the right to build on land parcels in Jamaica Plain’s Jackson Square neighborhood have joined forces and will redevelop the land together. Partners for Jackson LLC — which includes Urban Edge, Jamaica Plain Neighborhood Development Corp., and Hyde Square Task Force […]

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Price reductions on many Boston condos

I’ve received many voicemail messages from other Coldwell Banker agents regarding price reductions on their properties. I don’t remember this much activity last year. It is to be expected, now that Memorial Day has passed. The Spring market is over and things die down during the Summer. Real estate agents want all their listings sold […]

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Back Bay, Midtown, and Waterfront condo prices per square foot

Look out, Boston condo hunters: If you’re looking to get into Boston proper neighborhoods like Back Bay or the Boston Common, be prepared to potentially pay more than $1,000/square foot. Boston Midtown/downtown has truly jumped the shark with its price per square foot average Boston luxury condo: It’s now just above $1,400. And thanks to […]

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Middleman Now Rich Man in Real Estate Boom

Interesting article in the New York Times about real estate agents and how much money they make (some of them, at least…). I don’t think anyone will shed a tear if the housing market collapses and real estate agents have to go back to breaking a sweat to earn their commissions. In fact, here’s a […]

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Some homeowners delay sale in hopes of higher profit

These people, on the other hand, are just crazy.  They make us all look bad. By Adam Shell, USA TODAY Kandy Walsh owns a second home near Tucson that has appreciated $200,000 in five months, and she’s ready to sell it. But not just yet. The reason: She’s betting that if she waits six or […]

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Mortgage trend poses risks in downturn

My blog might just have to become a "bubble-free" blog if I have to keep reading stories like this one, that appeared in today’s Boston Globe. The issue I have isn’t that people are talking about inflated housing prices.  It’s that the data they are using to support their argument is flawed. In this article, […]

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Same Old Southie

Hmmm.  Interesting article in today’s Boston Globe Magazine.  Not sure if I can agree with everything the writer says.  He puts a very pretty face on current day South Boston.  A good read. As much as South Boston has changed and gentrified and yuppified, it has, in truth, not changed much at all. Still gritty, […]

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When the Numbers Don’t Match

Whoa.  Appraisers have been criticized for saying homes are worth more than they really are, but this is the first time I’ve read where they are being criticized for saying homes aren’t worth what they are being sold for.  Fear this situation – the seller wants to sell you a home at a certain price, […]

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Weekly Boston Real Estate Sales and Listings Update, May 27, 2005

Below is a report of sales and listing activity for the past week. Information is derived from LINK, the online database that is used by most Boston real estate agents. New listings: 107 Back on market (listings that went under agreement but deals fell through): 14 Price changes (almost always downward, but some go up): […]

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Falling home prices in Boston – an historical perspective

Interesting piece of information from a study on hedging the risk of lower real estate prices.  It uses data from the last time real estate prices dropped, in the late 1980s. The interesting part to me, however, is about the drop in prices, and about which cities were affected, most.  Not surprisingly (to me), the […]

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House poor – First-time homebuyers should buy

James Stewart, the awesome writer responsible for some of the best non-fiction books about Wall Street, has written an article about the housing "bubble" and why it shouldn’t matter to first-time homebuyers.  Worth a read. By James B Stewart, Smart Money (A)ll of this prompts an important question for first-time home buyers, people who aren’t […]

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Boston condo prices average $572,000

Condo sales defied common expectations, as prices increased during the first quarter, 2005. (Number of sales increased, as well, from 304 units to 366 units – the South End had 155 sales, 2004, 148 sales, 2005; Back Bay had 94 sales, 2004, 158 sales, 2005; Beacon Hill had 55 sales, 2004, 60 sales, 2005.  Most […]

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Analysis of April home and condo sales in Boston

From the Massachusetts Association of Realtors Single family homes: Originally posted 2005-05-25 21:57:00.

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Fed in May saw signs of rising inflation

AHHHHH!!!! (part 2) By Glenn Somerville, Reuters US Federal Reserve policy-makers noted "a discernible upcreep" in measures of inflation recently, raising worry that risks from accelerating prices were growing, minutes from their May 3 meeting showed. "Core measures of price inflation had moved up over recent quarters and particularly so over the last few months," […]

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