[Jammie]

There have been a lot of posts on here questioning the state of the housing resale markets. If you'd like to check out the AOL Money and Finance story today, it has a lot of answers. The South hasn't seen the high percentage drop that most of the country has seen. It also has a section that shows housing such as in Tampa. It said something like there was a 135% increase in housing there in just one year. It's totally understandable that housing would have to take a down swing because the average person could just not afford it. I'm sorry I don't have a link for you, but if you have AOL, it's right on a front page story.

[firemed]

South of Tampa the market is dropping very fast. I see alot of reduced signs. new homes sit empty and if you want a open house, just drive down any street. Its not looking good. this is the news link.

http://www.sun-herald.com/NewsArchiv...&story=np7.htm

[LM1]

It's like any other market with an investment component. The smart people see things a year or two in advance of everyone else figuring it out. By the time CNN started blathering about the "housing bubble finally deflating" early last year, the wise already had their money in the bank while the delusional were still scrambling to buy in. With IOM's and ARM's starting to reset, there are A LOT of people getting hurt since they can't sell at the present for any more money than the price they paid two years ago.

With that said, it's a cooling, not a crash. There are still people moving to Florida and real estate markets are cyclical in nature. Most of the value that's priced into Florida housing is in anticipation of the much vaunted "baby boomer" horde that has been descending upon the state since the mid 1990's. It isn't like San Francisco or NYC where the pricing is associated almost entirely to speculative money. There are real "numbers" to back up Floridas prices, even though the figures did get way too enthusiastic in the past couple of years.

No one knows how long it will take for the intrinsic value in Florida housing to surpass the premium that's already been priced in, but it will happen again, just as it has since the beginning of private land ownership in the US.

[sunrico90]

Originally Posted by Jammie

There have been a lot of posts on here questioning the state of the housing resale markets. If you'd like to check out the AOL Money and Finance story today, it has a lot of answers. The South hasn't seen the high percentage drop that most of the country has seen. It also has a section that shows housing such as in Tampa. It said something like there was a 135% increase in housing there in just one year. It's totally understandable that housing would have to take a down swing because the average person could just not afford it. I'm sorry I don't have a link for you, but if you have AOL, it's right on a front page story.

The Florida market is over saturated with homes. This is a normal supply and demand issue. Now Florida is a different beast, do to the amount of people that wants to moved here, the market is more unwavering than other states. If you want the area that everyone wants to move too, then your negotiating resources are dead.

In Northwest Florida the market has experienced the drop in homes prices that went over $200K are now in the $189K range. I posted this on another thread.

I found the following home for $189K in Milton Fl. A few months back this was over $200K. Check your markets and provide feedback..


1-5 years old, 1819 SQ FT.....
Beautiful four year old home, ready to move in. Split bedroom plan, fireplace, cathedral ceilings, breakfast bar, oak cabinets, pantry, range, dishwasher and built-in microwave stay. Large master bath with walk in closet, double vanity, garden tub & separate shower, large 12x19 great room, 12x20 screened sunroom, privacy fenced back yard, roof has dimensional shingles, overhang is vynal, sprinkly system with timer. This home shows well!

[firemed]

Originally Posted by LM1

It's like any other market with an investment component. The smart people see things a year or two in advance of everyone else figuring it out. By the time CNN started blathering about the "housing bubble finally deflating" early last year, the wise already had their money in the bank while the delusional were still scrambling to buy in. With IOM's and ARM's starting to reset, there are A LOT of people getting hurt since they can't sell at the present for any more money than the price they paid two years ago.

With that said, it's a cooling, not a crash. There are still people moving to Florida and real estate markets are cyclical in nature. Most of the value that's priced into Florida housing is in anticipation of the much vaunted "baby boomer" horde that has been descending upon the state since the mid 1990's. It isn't like San Francisco or NYC where the pricing is associated almost entirely to speculative money. There are real "numbers" to back up Floridas prices, even though the figures did get way too enthusiastic in the past couple of years.

No one knows how long it will take for the intrinsic value in Florida housing to surpass the premium that's already been priced in, but it will happen again, just as it has since the beginning of private land ownership in the US.

I hope your right , But Foreclosures are up 53 percent from a year ago, with about half of them the result of homeowners being unable to afford payments after their adjustable rate mortgages rose to reflect previous Fed interest rate increases. That is the leading edge of a large potential problem, Around $2 trillion of adjustable rate mortgages taken out to buy and refinance houses in 2004 and 2005 will be adjusting upward in the next two years to three years. "That is around 20 percent of all mortgages outstanding, with many of them high-risk loans with low introductory rates as low as 1 percent to 2 percent, back-end loads and other techniques to squeeze high- credit-risk buyers into higher priced homes than they could afford. real estate markets are cyclical in nature but the last time Florida has seen a market with lending like this was 1926 and that ended very bad.

[Jammie]

Oh the Boomers haven't even started their Southern exodus yet. The Boomer generation is from 1945-1964. The oldest Boomers are now first heading for 62. I posted this on another thread, but wanted to share it here, too. My local newspaper (The Mitchell Daily Republic) has a story today about housing prices dropping to a new 35 year low. I'm glad to see housing go down. The only people I feel bad for are the ones who've just bought the past couple years when the housing was at it's peak.

[firemed]

Most Boomers are smart,There’s a popular revolt building in FL as a result of ‘out of control’ tax and insurance increases; Mom and dad may have moved here but I dont think the kids will.

Unfortunately, politicians here are campaigning on the “I’ll fix that, I’ll get the rates back down” lie. The next Governor might have some actual clout to *attempt* the impossible — get private companies to cut the heck out of their rates. But what is one junior Congressman or any other pol going to do? All of them think that flogging the costs on taxpayers from the entire country is a great idea, true to their slimy breed. Thinking of Jack Nicholson’s line, they just can’t handle the truth.

[firemed]

Lee County Florida Realtor multiple listings have a huge overload of 12,654 single-family homes and 7,819 condominiums on the market at median sale prices far in excess of the current median sales price of $264,100 for homes and $237,500 for condominiums.”“This residential inventory does not include thousands of houses and condominiums for sale from a score of builders. ”FSBO are in the thousands also.

[bnepler]

Boomer generation started in 1946 not 1945. Please don't include me...