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Old 09-02-2007, 12:03 PM
kar kar started this thread
 
Location: Tampa Bay
179 posts, read 696,065 times
Reputation: 105

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What a mess in Lee County,Florida.
The News-Press, news-press.com, Business, Whispers of recession stem from housing slump (http://www.news-press.com/apps/pbcs.dll/article?AID=/20070902/BUSINESS/70902005/1014 - broken link)
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Old 09-03-2007, 07:25 AM
 
45 posts, read 155,321 times
Reputation: 28
Yep, and it's only going to get worse come October when another huge wave of Adjustable Rate Mortgages reset...and not just in Lee County, but across Florida and the country.

Anyone in the real estate, construction and even consumer-dependent (restaurants, retail) business will be in a bad situtation for the next two years.

It ain't gonna be pretty, but there needs to be correction in real estate. The run-up was just madness and completely unsustainable. (If wages had increased at the same rate, then that would be one thing, but they certainly did not!)

This place is now inundated with "Facing Foreclosure, call...," "Upside Down on Your Home? Call....," "Preforeclosure house for sale! Call..." signs. Not only that, but there are empty houses and half-built-but-abandoned-homes.

Glad I rent.
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Old 09-03-2007, 07:34 AM
 
2,141 posts, read 6,347,398 times
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Its not just Florida but we are a big player in the game. From the prospective of a native, and an individual who understands economics and political science. This is my opinion. Prices are going to continue to take a hit. Rule # one of information, never release the full story,feed it in small pieces, The full story creates panic. Banks have been holding most if not all the foreclosures and financing is getting harder. When the Federal Government, including the President (like him or not) take notice and start getting involved, something big is on the horizon. If this was going to correct in the near future no concern would be expressed on thier part. Unfortunately, nobody knows the true story. (kind of like the Kennedy assasination) This is my outlook, and so far I've been right on the money. I'm not patting myself on the back, just looking at the big picture. Each week we are looking at more Mortgage holders folding and this is just the start. Optimism is great, but Preperation is still the best.

The News-Press, news-press.com, Business, Lee loans doom Colorado credit union (http://www.news-press.com/apps/pbcs.dll/article?AID=/20070903/BUSINESS/70902034/1014 - broken link)
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Old 09-03-2007, 08:01 AM
 
45 posts, read 155,321 times
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Too right, firemed.

Honestly, it amazes me that more people didn't see it coming. When households who earn the median income can't afford to buy a house the traditional way (money down, fixed mortgage), there are serious problems.

I think the credit crunch and insurance/tax increases have sped up our bubble burst timeline.

It's going to be very, very ugly across this nation, and this crisis will hit MANY other sectors in the economy. Less spending, cutbacks, job loss, you name it.

Homeowners who want/need to sell are in a heap of trouble. They have to sell their homes because they can't afford them (or are moving, etc.), but they can't afford to sell their homes because they are already upside-down on them (thanks to price drops, home equity loans, etc).

Even if they can afford to drop the price enough, finding a buyer is going to be difficult. Either the buyer won't be able to get financing, or (if it's not a first-time buyer) the buy won't be able to sell his/her own home in order to buy a new one.
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Old 09-03-2007, 02:09 PM
 
Location: The Conterminous United States
22,554 posts, read 47,345,603 times
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Quote:
Originally Posted by FSU_Alum View Post
Honestly, it amazes me that more people didn't see it coming.
I don't consider myself to be particularly bright, yet I could see this coming in 2005.

Looking at the article that firemed posted, there is always someone that will bring up job growth. Surveys back in 2005 were saying that there was HUGE job growth in Lee County. But unskilled workers know better than to pay attention to those surveys.

Just because there is a new Super Walmart and Target opening up, it doesn't mean that wages were keeping up with real estate prices. Yes, you could find a job, but could you keep a roof over your head? And my husband is an auto mechanic and was actually making a decent salary.

We looked at those job growth surveys, looked at the actual pay scale, looked at the rents and real estate prices, then we moved away.
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Old 09-03-2007, 02:39 PM
 
Location: Naples
672 posts, read 690,586 times
Reputation: 63
Default Real estate prices has tripled,

Quote:
Originally Posted by hiknapster View Post
I don't consider myself to be particularly bright, yet I could see this coming in 2005.

Looking at the article that firemed posted, there is always someone that will bring up job growth. Surveys back in 2005 were saying that there was HUGE job growth in Lee County. But unskilled workers know better than to pay attention to those surveys.

Just because there is a new Super Walmart and Target opening up, it doesn't mean that wages were keeping up with real estate prices. Yes, you could find a job, but could you keep a roof over your head? And my husband is an auto mechanic and was actually making a decent salary.

We looked at those job growth surveys, looked at the actual pay scale, looked at the rents and real estate prices, then we moved away.
but wages have not tripled. THAT is the problem.
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Old 09-03-2007, 02:45 PM
 
3,842 posts, read 9,430,042 times
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How can wages go up when an economy does not exist in the state other than tourism & low pay retail?

Remember, this is also the state that can fire at will.
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Old 09-03-2007, 03:04 PM
 
2,143 posts, read 7,197,299 times
Reputation: 1141
Quote:
Originally Posted by 121804 View Post
How can wages go up when an economy does not exist in the state other than tourism & low pay retail?

Remember, this is also the state that can fire at will.
Do you have something against at will employment?

I think that employers should be able to fire anyone they want. If a person has a contract, then they are protected.

I'm curious-what do you think wages should be and for what work?
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Old 09-03-2007, 03:09 PM
 
960 posts, read 1,359,224 times
Reputation: 409
Quote:
Originally Posted by Lilybeans View Post
Do you have something against at will employment?

I think that employers should be able to fire anyone they want. If a person has a contract, then they are protected.

I'm curious-what do you think wages should be and for what work?
I think that topic is for another thread Lilybeans. This is about the housing slump and the areas that are being affected by it. Lets not go off topic for what people think is a fair wage.....
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Old 09-03-2007, 03:14 PM
 
2,143 posts, read 7,197,299 times
Reputation: 1141
Quote:
Originally Posted by Carbondated View Post
I think that topic is for another thread Lilybeans. This is about the housing slump and the areas that are being affected by it. Lets not go off topic for what people think is a fair wage.....
This change in the housing market is actually a good thing for people. Houses have been way overpriced. They are just now starting to get back to where they should be. People will be able to get into homes, and get mortgages, for a reasonable amount of money. On the other hand, the days of $400,000 mortgages for a person making $35,000 a year are probably gone for good.

Short term, some people will be affected. Long term, it's healthy for the economy.
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