[WOWAddict]

Certain neighborhoods have bottomed out or at least or at a point where people are buying. By my dads old house there a few houses with sold signs. I think it is mostly in neighborhoods that have "come back down to normal" 250k and under. But I would not expect prices to rise with the inventory that is out there and still to come.

[Rhett_Butler]

Originally Posted by Mike Peterson

Inventory in Hernando County had been holding steady between 4220-4250 homes over the last 4 months.
It is now down to around 4190 homes.
Closings picked up at the end of September and are showing signs of not increasing but staying steady now. This will bring the inventory down even more going into our selling season.
There are some markets that have hit bottom.

Well the problems with this are taht we don't know whether inventory decreased because of homes selling or being taken off the market and then with closings, that is to be somewhat expected because builders at the end of September are scrambling to clear their end of year inventory and slash prices like crazy.....

"Showing signs of staying steady"??? It's only October 3rd, and you probably don't know how many houses closed today, so that'd be two days worth of data???

Sounds like a little wishful thinking, though it isn't IMpossible that things are improving in your particular county.

[Dave_n_Tenn]

Showings and contracts (not sales .... yet) are up a bit on the Treasure Coast. Needless to say and encouraging sign. I wouldn't hold showings as an strong indicator... but... you have to show 'em if your gonna sell 'em.

Seem like many of the buyers are "low ballers" looking at foreclosures and short sales. They are making very low offers, and a lot of banks are not even counter offering on the properties they are in "control" of.

Example... 3/2/1 pool home 1/4 ac lot... 1600 sq' listed at 135,000... in Port St. Lucie. Good price anywhere, however the offer was 109,000. Bank never even counter offered. Buyer said... well I'll wait a few months more... then offer again.

Just a simple andectodal breakdown: new construction... @ $80 a sq' = 128,000... not including a lot and prep. Seems like the price is right! This is just one example, and does not reflect the whole market. However this is a bank "controlled" property, (short sale or foreclosure).

I'll bet no one will know the "moment" the housing market bottoms, as well as no one knows when the market will ''peak" again. I'd say the best guess would be + or - 3 months. Many will say the "hit" the peak just right... and of course they would be the ones who win.......... in "Las Vegas", all the time.

Somethings never change... law of supply and demand, ............ sell high, buy low.

[kickinbackfl]

Mike P. When is selling season in Florida?

[Sunandsand]

Please don't call any market bottoms based on inventory levels. Many people have taken homes off the market or put them up for rent. The majority of mortgage resets have not even happened yet. The effect of credit tightening is only just beginning.

This thing has barely even started to unwind.

[Mike Peterson]

Originally Posted by kickinbackfl

Mike P. When is selling season in Florida?

Generally you will see a little uptick in October til Thanksgiving and then it quiets down until after Christmas with January and Feburary being the best months.

[Mike Peterson]

Originally Posted by VAFury

Well the problems with this are taht we don't know whether inventory decreased because of homes selling or being taken off the market and then with closings, that is to be somewhat expected because builders at the end of September are scrambling to clear their end of year inventory and slash prices like crazy.....

"Showing signs of staying steady"??? It's only October 3rd, and you probably don't know how many houses closed today, so that'd be two days worth of data???

Sounds like a little wishful thinking, though it isn't IMpossible that things are improving in your particular county.

The end of September being the last couple of weeks of Sept. and into October.

Builders have been slashing prices for the last year to clear inventory and homes have been taken off the market over the last year also so we can't say what is the cause of decreasing inventory but I do know we have had more sales close over the last few weeks than we have had for a while.
I did not have that many closings this year but I had one close Friday, I have one closing in 14 days (cash, no contingencies) and another closing in 40 days.

I have said before that Hernando, while it has been affected by the slump, would not be hit as bad since prices for 3/2/2 homes in average areas were still in the $150,000 to $250,000 range. Not the $300,000 to $350,000 range like alot of other areas.

[Mike Peterson]

Originally Posted by Sunandsand

Please don't call any market bottoms based on inventory levels. Many people have taken homes off the market or put them up for rent. The majority of mortgage resets have not even happened yet. The effect of credit tightening is only just beginning.

This thing has barely even started to unwind.

There are many factors involved in my assessment but to say that things have just started to unwind without even knowing the area I speak of is quite a bit more far fetched than my assesmnet.

[House4Sale]

It was reported on a financial talk show (either CNN or FOX news). They said house prices went up $500 (isn't alot but at least it didn't go down $500). Then there's the 1/2 point Bernake decrease and an adjustment in HOI. Then I read in Sun-Sentinel news that there will be an insurance rebate. All those factors plus the proof in pudding posted by our resident realtor and that points in a positive direction. Hell, if it's the facts, Jack, I'll take it!!

[121804]

Interest rates have gone up though since mid-Sept though.

Not trying to be rude, but you will never get concrete or reliable info from tv. Those financial analysts are going on tv b/c they have an agenda; not necessarily true or real facts. Stations like CNN & MSNBC have an agenda & broadcast certain things to get viewers, not to positively effect the housing market.

Next week CNN will have the CEO of Countrywide back on stating how a recession is coming & that home prices are going to keep falling. He was on a few weeks ago stating this...

It's about ratings & viewers. Take it with a grain of salt. Each part of the country; heck, each state, is dealing with good & bad right now when it comes to home sales. No two places are alike.

Blanket statements such as "prices went up $500" are way to vague to hold any validity.