[ynayshtut]

As far as i see there is defenetely much more activity in our building.We are going thru closings now and a lot of people inquiring about renting or buying.I cant give any statistics though but there is defenetly interest from potential tenants or buyers.I think mainly because of location and the price.We are in Hallandale Beach.

[tallrick]

The more I think about this the more upset I get. It seems like so many have signed up for the fools train to nowhere. This whole inflated property nonsense has sentenced thousands to a lower standard of living, as they think they are getting rich. I want the "financial analysts" to tell me how you can get rich with an asset you do not own. Instead of earning money from it, you have to PAY the GOVERNMENT 2% on it's SUPPOSED VALUE. What kind of stupid investment is that? Add mortgage interest and insurance and it's a lose-lose situation. The only way property can appreiate again is for the dollar to collapse harder than it has, and a whole bunck of foreign investors come in to buy at "sargain prices". They will eventually sell, when they realize that their property cannot earn income beyond expenses. The bottom is a long way off if the standoff continues.

[Sunandsand]

Excellent last few posts. The American way of the last 10 years is not sustainable. The record government and personal debt levels are not sustainable. And the real estate prices in Florida are not even close to being sustainable.

Calling real estate bottoms, lowering Fed rates, and selling longer and longer mortgages is only prolonging the inevitable deep recession that is needed to cleanse the system and reset American financial values and common sense.

[House4Sale]

Our 3/2/3 c. gar. house in Hernando is a '06 on a 1/3 acre w/$17,000 in upgrades for 198,500. I think we are priced right and hope a sale is in sight.

[hiknapster]

Originally Posted by 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’

Here's the difference between a newspaper (and I use that term loosely) worried about its ad revenue, so they look like the local chamber of commerce, and an a newspaper that honestly looks at the situation.

The SunPost

[Mike Peterson]

Originally Posted by Sunandsand

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.

Where are you getting your information in regards to the amount of ARM resets?
I can't seem to find a county by county breakdown.

And yes some people have pulled their listings but there has also been more and more listings going into 2 or 3 MLS which has also brought the total up.
You state the inventory is going up but that is nothing but conjecture on your part.

The total residential units in Hernando MLS this morning is 4191 with 504 of those not even in our county. I don't know where you come up with 6000 but it is wrong. Even if you add in the 41 multi family units you are not close to 6000.

[kingcopper]

Either foreign migration and ownership will stabilize the U.S. market or we will hear that 10-20 year gurgle from the turlet of recession. Consumer debt levels across the U.S. are so beyond realistic that I believe we'll hear that gurgle soon. The largest crime will be that we'll have a new president to blame for this coming mess when we should start blaming a current dent.

[Mike Peterson]

Originally Posted by hiknapster

Here's the difference between a newspaper (and I use that term loosely) worried about its ad revenue, so they look like the local chamber of commerce, and an a newspaper that honestly looks at the situation.

The SunPost

Am I to take it that you think "The News-Press" is so worried about ad revenue that they will slant a story yet the "Miami Sun Post", which derives its entire income from ad revenue does not slant stories.

[hiknapster]

Originally Posted by Mike Peterson

Am I to take it that you think "The News-Press" is so worried about ad revenue that they will slant a story yet the "Miami Sun Post", which derives its entire income from ad revenue does not slant stories.

I know that the News-Press slants a lot of it's stories. I know nothing about the Miami Sun Post, but their editorial seemed balanced, which is unusual for an opinion piece.

And yes, some newspapers slant stories in favor of their advertisers and some do not. And all newspapers derive most of their revenue from advertising.

How do I know? Because I've worked for both kinds of papers.

[Sunandsand]

Originally Posted by Mike Peterson

Where are you getting your information in regards to the amount of ARM resets?
I can't seem to find a county by county breakdown.

And yes some people have pulled their listings but there has also been more and more listings going into 2 or 3 MLS which has also brought the total up.
You state the inventory is going up but that is nothing but conjecture on your part.

The total residential units in Hernando MLS this morning is 4191 with 504 of those not even in our county. I don't know where you come up with 6000 but it is wrong. Even if you add in the 41 multi family units you are not close to 6000.

The 6000 figure includes lots. But that is besides the point. You stated inventory is holding steady. I mentioned that people I know who have been in Hernando County real estate for 40 years have never seen so many for rents, for sale by owner, or pulled listings from sellers who want to relist down the road.

Common sense tells you that steady inventory number in the MLS + more and more for sale by owners + more for rents + more pulled listings means inventory is actually growing.

Mortgage resets? No, county by county is not available. But again, common sense. Credit Suisse lists the ARMs due to reset and Florida leads the way by far. My friends in real estate in Hernando County saw many people take out these ARMs with questionable incomes. There is no reason to believe that Hernando County has any lower percentage of ARM resets coming than other Florida Counties. People there played the same game.

Anecdotal evidence such as driving around and seeing for sale and for rent signs and talking to realtors with 40 years experience is the only way to get real information.

When real estate can be pulled and relisted and have the days on market count reset, how is that accurate? When buyers can get give backs at closing and the reported price still be the higher one, how is that accurate?

How can MLS and real estate industry numbers be trusted over anecdotal evidence when they have such a track record of funny number reporting??