Florida Housing market Thread (Tampa, Brandon: mortgage, credit, loans)

[magellan]

Housing market may be worse than stats reveal (broken link)

An excerpt....

....There certainly has been plenty of bad news, but it might not even be giving a full picture of how difficult things really are.

For instance, the Commerce Department reported last week that the median sales price of new homes fell 0.9 percent in May from a year ago, after tumbling 10.9 percent in April.

But those numbers don't include the thousands of dollars in lavish incentives like plasma televisions, pool installation and closing costs that sellers are increasingly using to woo buyers. That means a home selling for $600,000 gets reported for that price even though all those extras technically are reducing the net sale price.

Sales incentives at Lennar Corp., one of the nation's biggest builders, averaged $43,700 a home in its fiscal second quarter, up from $24,700 in the same quarter last year. And it isn't just builders piling on the incentives - it's spilling over to the existing-home and foreclosure market, too....

As if things weren't bad enough. How bad are all those seller incentives again?

Study: More Home Appraisals Altered to Inflate Values - Mortgage Foundation

...Syndicated columnist Kenneth Harney writes in the San Jose Mercury News that a new survey of the national appraisal industry found that 90 percent of appraisers report that the mortgage broker, real estate agent, lender and even the consumers will pressure them to raise valuations to close deals.


American Home Mortgage admits insolvency - Newsday.com (broken link)

In a move that sent shockwaves through the financial markets and left investors millions of dollars poorer, Melville-based American Home Mortgage Investment Corp. announced yesterday that it lacked the money to pay its lenders or the credit lines to pay its borrowers.

It was the largest mortgage bank to face bankruptcy in a year of bad news for the mortgage industry, and the news that problems were not confined to high-risk lenders helped turn an early stock rally into a 147-point drop for the Dow Jones industrial average.

[ff40184]

Not wanting to sound too cold,but when you could have gotten 150 for it,why didn't you,were you waiting till it was worth 200,you won't see 150 for a decade,200 for 20 years,selling into weakness is never a good choice but it sounds like you'll walk away with money in your pocket,thousands of others won't

No, at the time we weren't thinking of buying a new house in Maryland. We'll soon take it off the market and go back to renting it out at a loss.

[JohnVosilla]

Few eternal doom and gloomers realize most regular folks just trying to live their life weren't willing participants in the bubble trying to time getting in and out using new found equity to establish HELOC's to buy preconstruction condos in Miami, preconstruction single family in Cape Coral or building lots in Port St Lucie and North Port.. No doubt the speculators, real estate pimps and late entrants into the casino, most of who live in our fair state, were encouraged by the government and played the game to an extreme by 2005 and will suffer along with the general Florida economy for years to come as a result.. A suckers bet that they were smarter than well off boomers cashing in their chips from the north or foreigners who were going to come rushing in and pay even higher prices. Instead those from outside our state as real end users will be picking in the crumbs along with seasoned vulture investors who understand the boom/bust Florida cycle in 2008-10..

[floridamove2]

Originally Posted by JohnVosilla

Few eternal doom and gloomers realize most regular folks just trying to live their life weren't willing participants in the bubble trying to time getting in and out using new found equity to establish HELOC's to buy preconstruction condos in Miami, preconstruction single family in Cape Coral or building lots in Port St Lucie and North Port.. No doubt the speculators, real estate pimps and late entrants into the casino, most of who live in our fair state, were encouraged by the government and played the game to an extreme by 2005 and will suffer along with the general Florida economy for years to come as a result.. A suckers bet that they were smarter than well off boomers cashing in their chips from the north or foreigners who were going to come rushing in and pay even higher prices. Instead those from outside our state as real end users will be picking in the crumbs along with seasoned vulture investors who understand the boom/bust Florida cycle in 2008-10..

Subprime fever: Is it catching? - Aug. 2, 2007

[JohnVosilla]

'This is the epicenter of Florida's mortgage foreclosure crisis. A June Money Magazine survey listed 33160 — which includes all of Sunny Isles and Golden Beach, and small parts of Aventura and North Miami Beach — as the area with the most foreclosures in Florida, second only to Atlanta in the southeastern United States. The North Miami-Dade zip code even broke into the national top 20, with 480 foreclosures filed in the first half of this year.'

Miami - News - Home Groan

So much for our esteemed leaders on Wall Street and in DC wanting us to believe the crisis was limited to just subprime..

[lostbuyer]

I love the disclaimer at the end..YouTube - Jim Cramer - Cut Rates

[NY62]

the toilet flushed and it is still going down.

[Carbondated]

Are these people nuts or are they buying into the whole "it's getting better by the day"?

These people bought this house on February 28th of this year.

Year Built: 1969
Bedrooms: 2
Baths: 2 Full Baths
Est SqFt: 1056
Lot Dim: 75X140
Sold "As Is" Recently replumbed
1 Car Attached Garage

In a little over 5 months, the house appreciated by $52,500 !

It is listed on our local MLS for $197,500 !!!

I'm beginning to wonder about the mental stability of these flippers.....

[JimKing]

Originally Posted by Carbondated

Are these people nuts or are they buying into the whole "it's getting better by the day"?

These people bought this house on February 28th of this year.

Year Built: 1969
Bedrooms: 2
Baths: 2 Full Baths
Est SqFt: 1056
Lot Dim: 75X140
Sold "As Is" Recently replumbed
1 Car Attached Garage

In a little over 5 months, the house appreciated by $52,500 !

It is listed on our local MLS for $197,500 !!!

I'm beginning to wonder about the mental stability of these flippers.....

They must have replumbed with gold piping! Where is the property located?

[Carbondated]

Originally Posted by JimKing

They must have replumbed with gold piping! Where is the property located?

Southern Sarasota County