[House4Sale]

they believe the housing market has finally hit Thee Bottom and that rates will not go down further and that housing prices have seen a slight increase. Hopefully this is true and the worst is behind us. With this, buyers will start getting off the fence and will be able to shop for the home of their dreams as they have a big surplus to pick from.

Anyone else hear this? What are your thoughts?

[121804]

What were the specifics of why they said this? What sort of anaylis did they use to make such a general comment. I haven't seen anywhere where there has been a slight increase. A lot of homes are staying stagnant, but not going UP in price!

The housing market is facing different difficulties in every part of the country. The housing problems in SW FL are not the same in NE which are not the same as in CA.

If they would like to explain how about 50,000 homes in SW FL are going to sell at their current prices [which is honestly laughable], that would be awesome. I'd also like to know where they assume all the buyers are going to come from & how they are going to afford a home on hourly service jobs that permeate this area.

That being said, we are moving back to a city in NE OH that saw a 15% gain of sales in the past 3 months. Just depends on location.

Most homes in SW FL are still highly inflated. Sellers are being stubborn or can't afford to sell & buyers are trying to get the most for their buck or just concerned that the home will lose even more value due to inflated prices. I think anyone who buys in SW FL is either retiring, will not have a mortgage, & can put the home in a trust or someone who has just made a huge, huge financial mistake.

More & more info is coming out that states that this problem will be ongoing for the next 2-3 years. Many are now saying 2009. No one has the crystal ball.

Overall, I think what you heard was a bunch of b.s. to gain ratings & news coverage.

[TimtheGuy]

Originally Posted by House4Sale

they believe the housing market has finally hit Thee Bottom and that rates will not go down further and that housing prices have seen a slight increase. Hopefully this is true and the worst is behind us. With this, buyers will start getting off the fence and will be able to shop for the home of their dreams as they have a big surplus to pick from.

Anyone else hear this? What are your thoughts?

Have to disagree with the housing part. At least here in MN.

[deckardc]

Originally Posted by House4Sale

they believe the housing market has finally hit Thee Bottom and that rates will not go down further and that housing prices have seen a slight increase. Hopefully this is true and the worst is behind us. With this, buyers will start getting off the fence and will be able to shop for the home of their dreams as they have a big surplus to pick from.

Anyone else hear this? What are your thoughts?

Sounds like a fantasy to me. I don't think prices are anywhere near bottom and I think it will only get worse next year once all those ARMs reset and the foreclosures follow. Florida has the second highest number of ARMs in the US after California. There are still too many delusional sellers who don't understand that their 1300 sq. ft. cinderblock rectangle is not worth $350,000.

Who are these "analysts". Representatives from the National Association of Realtors or experienced economists with no connection to the real estate or mortgage industry? Never, ever believe anything the NAR says. Here is an article from last week's Barron's magazine:

"NEW YORK (Reuters) - U.S. housing prices may not start recovering until 2010 or 2011, according to a Barron's report that quotes bond fund manager Jeffrey Gundlach. The report in the October 1 edition cites a Gundlach forecast that U.S. home prices may drop an average of 12 percent to 15 percent annually and not reach a trough until late 2008.
According to the report, Gundlach sees particularly sharp declines in bubble markets of California, Florida, Nevada and Arizona and areas in Michigan, Ohio and Indiana, with price drops of 30 percent to 40 percent in those areas."

[Sunandsand]

If you are asking specifically about Florida, then that report is nonsense. The downward pressure on prices has just begun.

[sillynilly]

IMHO I don't think the housing market will bottom until the inventory drops and to do that prices will need to drop for people to afford them with a fix loan

[JSnFla]

no where near a bottom in florida, way way way too many properties for sale everywhere u look, mostly still overpriced and not selling

[doni]

NW Florida is picking up!

[tallrick]

Ignorance is bliss. think positive and the economy will grow.....YEAH RIGHT!!

[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.