[firemed]

In South Florida I don't see it, ARM's are just starting to change monthly payments for people and will for a few more years.( do you think the rates will go down ) Tax bills are just starting to go out and alot of people won't be able to pay them. Most people can't get a loan now. The fed rate cut has did nothing but drive the stock market. Fixed loans have not gone down much if any. Alot of jobs have been lost and people are not jumping in blind anymore. The bottom is not here yet!!

[MrTudo]

The "financial" analyst who said that is an idiot or a realtor.

[kickinbackfl]

Thanks Mike, maybe there is still some hope to get a buyer soon!!! Wish me luck!!!

[hiknapster]

What Bernake did only juiced the stock market. It had nothing to do with mortgage rates.

Speaking of mortgages, qualifications to get a mortgage have only tightened, ARMS will reset this month, again, and the people that pulled their houses off the market waiting for the holy grail did not make a huge difference.

Meanwhile, the builders have to get rid of the dead wood, and fire sales are not helping the comps.

The media has nothing to do with it. Ratings stay the same whether they have a news story that talks about the housing market going up or down. The same people are watching. What you have to watch is the people they are interviewing. Ask yourself, "What is their agenda"?

The National Association of Realtors opens their mouths and a lie comes out.

[compelled to reply]

Foreclosures up more than 600 percent in Broward County from last year.Some how I don't think this is the worst yet. The worst is over my @**. When we are up by about 2000 percent I will be convinced the worst is over.

[121804]

Originally Posted by hiknapster

What Bernake did only juiced the stock market. It had nothing to do with mortgage rates.

The media has nothing to do with it. Ratings stay the same whether they have a news story that talks about the housing market going up or down. The same people are watching. What you have to watch is the people they are interviewing. Ask yourself, "What is their agenda"?

Mortgage rates have actually gone up since Bernake's announcement.
Well put on the media stuff. But, news stations still know the people who are going to cause a stir & those people, by far, have an agenda

[firemed]

If you read The Wall Street Journal's weekend front page, you might get the impression that all is lost for those of us living in the Sunshine State. The large headline reads: "Is Florida Over?" This is a very good look at what we are dealing with. How long can most people hold on ? and what opportunities do we still have? Is this still a great place to live? I have been here my whole life and its not paradise but it was a nice place to live.


The News-Press, news-press.com, Opinion, Florida is not ‘over’

[Sunandsand]

Originally Posted by Mike Peterson

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.

You already said the area, Hernando County. Know it very well and have friends who have been realtors and appraisers in that county, some for almost 40 years. That area has many ARMS to reset and is still overpriced compared to income and other fundamentals.

My realtor friends tell me many of their customers have pulled listings or decided to try renting or listing by owner. That has led to the inventory appearing to stabilize, when in fact it continues to grow. The current inventory of residential property types in the Hernando County MLS is over 6000, but that includes all types of property. They tell me there are a lot more For Sale by Owners than they have ever seen before. Those do not show up in the MLS.

Hernando County is not SF as far as the bubble, but is not at the bottom. We have a long ways to go. The road will have a few ups, but over the next 5 years, prices will continue gradually going down.

[MrTudo]

I'm convinced that people here have become so ignorant they will ( within 5 years ) succumb to 40 and 50 year mortgages, effectively ending property ownership for large percentages of lower thru just below upper middle classes. ( Just like any other highly socialistic country where people BUY houses but never own the land they live on ).

The real estate business will go the same way as the automobile. I was in the car business a little more than 30 years ago and certain sectors of the population were "monthly payment" buyers. It's something how that mindset is pretty much the norm in the car business and although I'd love to see the actual statistics on how many people owe on loans or leases as opposed to "owning" a vehicle, whereas ownership was the norm ( except a small percentage ) 30 years ago. Nowadays it seems like the vast majority are "monthly payment" renters.

The last bastion of wealth in the country is swirling around the drainpipe and the masses cry out for even more government and socialism.

And you better believe that real estate is the last bastion of wealth and one of the bulkwarks of freedom.

A major tragedy.

[compelled to reply]

Originally Posted by MrTudo

I'm convinced that people here have become so ignorant they will ( within 5 years ) succumb to 40 and 50 year mortgages, effectively ending property ownership for large percentages of lower thru just below upper middle classes. ( Just like any other highly socialistic country where people BUY houses but never own the land they live on ).

The real estate business will go the same way as the automobile. I was in the car business a little more than 30 years ago and certain sectors of the population were "monthly payment" buyers. It's something how that mindset is pretty much the norm in the car business and although I'd love to see the actual statistics on how many people owe on loans or leases as opposed to "owning" a vehicle, whereas ownership was the norm ( except a small percentage ) 30 years ago. Nowadays it seems like the vast majority are "monthly payment" renters.

The last bastion of wealth in the country is swirling around the drainpipe and the masses cry out for even more government and socialism.

And you better believe that real estate is the last bastion of wealth and one of the bulkwarks of freedom.

A major tragedy.

It really is a disposable society we are building. Not just in Florida, but nationwide.