Mapping a market mess

The Real Estate Cafe, a real estate brokerage company based in Cambridge, Mass., said in a blog post that the company hopes to identify and map for-sale properties that have been impacted by problems in the mortgage market. According to the post, "Mapping credit crunch casualties in Boston and beyond," the company seeks to add "credit crunch casualties" to its Platial.com-based real estate bubble map site, which features single-family homes in the Greater Boston area that sold recently for below their assessed value or original asking price.

The blog states that the various categories of credit crunch casualties could include: for-sale properties that are put back on market, buyers whose loan applications are refused, prices that are renegotiated after properties fail to appraise, and transactions canceled because prospective buyers cannot sell their current home.

The first potential credit-crunch-affected property was originally listed at $995,000 on March 22, according to a page at Platial.com, and "has been under agreement three times over the past five months ... the most recent offer fell through last week, approximately (Aug. 16)."

(Click here to see an Inman TV interview with Platial CEO Di-Ann Eisnor.)

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