U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Florida
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
View Poll Results: When will the housing Bust end in FL?
By the end of this year 21 8.30%
Spring 2008 28 11.07%
Summer 2008 16 6.32%
Fall 2008 17 6.72%
Winter 2008 12 4.74%
Spring 2009 29 11.46%
Summer 2009 18 7.11%
Fall 2009 11 4.35%
Winter 2009 9 3.56%
Sometime in 2010 38 15.02%
Sometime in 2011 13 5.14%
Sometime in 2012 11 4.35%
2013 or later 30 11.86%
Voters: 253. You may not vote on this poll

Closed Thread Start New Thread
 
Old 12-26-2007, 05:19 PM
 
Location: Living in Paradise
5,702 posts, read 22,236,769 times
Reputation: 2987

Advertisements

The record 6.7 percent drop, the 10th consecutive monthly decrease in the 10-city home price index, was the largest since the early 1990s.

Seventeen of the 20 cities in the S&P/Case-Shiller index showed a year-over-year decline in prices, led by 12 percent slumps in Miami and Tampa, Florida. Three cities, Charlotte, North Carolina, Seattle and Portland, Oregon, showed an increase from a year earlier.

Miami posted the largest decline among the 20 markets reviewed. Home prices in the Miami metropolitan area fell 12.4 percent in October compared with the same month last year, surpassing Tampa, Fla. as the worst-performing city. Tampa posted a year-over-year loss of 11.8 percent.

 
Old 12-26-2007, 05:45 PM
 
548 posts, read 390,259 times
Reputation: 126
Quote:
Originally Posted by Jungle George View Post
Each time I lowered the price was at the study of the MLS info on what price the condos that WERE selling were selling at. eg...2 sold in the $140,000.00 range so I dropped to $139,900.00. Unfortunately the selling prices were just dropping consistantly.

Good, bad, right or wrong if we all had the correct answers for everything we'd all be millionaires & wouldn't have to worry about the housing market!!
Two problems with that. The first is that by the time the MLS 'sold price' is available, the market has already dropped more.

The 2nd problem is that MLS prices are inflated. Give backs of all types have escalated as incentives to move houses.

So a house that showed up as 'selling' at $140,000 could quite possibly had $10,000-15,000 in incentives that don't show up in the MLS 'sold price'. So effectively the actual sold price may have been $125,000-130.000.

Not trying to be a smart pants here, but all this information has been readily available on numerous housing bubble blogs for years. Any search engine pulls these things up when you type in anything related to buying or selling a house. It seems like many people research minor things like which big screen TV is the best and do little real research before buying or selling a house.
 
Old 12-26-2007, 06:59 PM
LM1
 
Location: NEFL/Chi, IL
833 posts, read 756,702 times
Reputation: 344
Yeah, pretty much keep in mind that the MLS asking prices aren't "selling prices".
"Asking prices" are just that; asking prices, often times substantially different than the ultimate selling price.

In a depreciating real estate market (rapidly depreciating), there will always be an absolute flood of "asking prices" that are delusionally high, since they're being "asked" by laypeople who really haven't a clue about the economics of which they're dealing in.

The key to selling right now isn't "asking" what everyone else is asking. It's asking below them so you can actually find a buyer who is comfortable with the current market status... When it dumps further, you're out as best you're gunna get while the "market timers" are tripping over dollars in the hope of saving dimes.

Last edited by LM1; 12-26-2007 at 07:10 PM..
 
Old 12-26-2007, 08:58 PM
 
Location: America
6,985 posts, read 15,459,118 times
Reputation: 2067
Quote:
Originally Posted by sunrico90 View Post
The record 6.7 percent drop, the 10th consecutive monthly decrease in the 10-city home price index, was the largest since the early 1990s.

Seventeen of the 20 cities in the S&P/Case-Shiller index showed a year-over-year decline in prices, led by 12 percent slumps in Miami and Tampa, Florida. Three cities, Charlotte, North Carolina, Seattle and Portland, Oregon, showed an increase from a year earlier.

Miami posted the largest decline among the 20 markets reviewed. Home prices in the Miami metropolitan area fell 12.4 percent in October compared with the same month last year, surpassing Tampa, Fla. as the worst-performing city. Tampa posted a year-over-year loss of 11.8 percent.
The report said prices in Charlotte, North Carolina, Seattle and Portland increased from last year but decreased from the previous month.
 
Old 12-28-2007, 07:00 AM
 
Location: Living in Paradise
5,702 posts, read 22,236,769 times
Reputation: 2987
Question South Florida Housing Market: Home prices up, down, depending on source

Very interesting post: http://www.[domain blocked due to spam].net/content/kri/2007/12/south-florida-housing-market-home-prices-up-down-depending-on-source (broken link)
 
Old 12-28-2007, 07:14 AM
 
18 posts, read 78,082 times
Reputation: 14
As soon as mortgage companies loosen up, the bubble will be back. Many people do not care what they pay for a house as long as they can borrow and move into an upscale neighborhood where they really never belonged.
 
Old 12-28-2007, 07:19 AM
 
Location: western East Roman Empire
6,566 posts, read 10,635,633 times
Reputation: 5678
Quote:
Originally Posted by sunrico90 View Post
Very interesting post: http://www.[domain blocked due to spam].net/content/kri/2007/12/south-florida-housing-market-home-prices-up-down-depending-on-source (broken link)
All groups or associations, including government, have their own agendas when compiling and manipulating numbers like house prices and inflation.

I go by what I see with my own eyes. In some neighborhoods that I follow in Palm Beach County, asking price declines are around 25% from peak asking prices, and I expect them to come down further; in Miami-Dade, maybe 5%-10% and I expect them to drift slowly downwards, though they could stay flat or spiral downwards depending on financial conditions, economic conditions, and immigration policy.
 
Old 12-28-2007, 07:21 AM
 
Location: Living in Paradise
5,702 posts, read 22,236,769 times
Reputation: 2987
Quote:
Originally Posted by bale002 View Post
All groups or associations, including government, have their own agendas when compiling and manipulating numbers like house prices and inflation.

I go by what I see with my own eyes. In some neighborhoods that I follow in Palm Beach County, asking prices declines are around 25% from peak asking prices, and I expect them to come down further. In Miami-Dade, maybe 5%-10% and I expect them to drift slowly downwards, though they could stay flat or spiral downwards depending on financial conditions, economic conditions, and immigration policy.
What will be the best advice for the buyer? Look at what?
 
Old 12-28-2007, 07:25 AM
 
Location: So. Dak.
13,495 posts, read 34,020,293 times
Reputation: 15058
http://hotsearches.aol.com/2007/12/2...00020000000019

This is a story that correlates with the news stories that are saying there will still be a 13%-20% drop in the housing market before it stablizes. This can only be good news for people because it will also have an affect on taxes and insurance.
 
Old 12-28-2007, 08:13 AM
 
Location: America
6,985 posts, read 15,459,118 times
Reputation: 2067
I stopped reading when I saw the "realtors association" data. They are the same ones who said there was no bubble. Then they said foreclosures were no big deal. Then the government said they would take them to court if they kept putting out commercials giving false information. These guy's track record is miserable. At least now I know where a friend of mine (who is a Realtor by the way) got his information from that home prices have stabilized. I feel bad for Realtors who don't bother to do research and instead believe the non sense that association is putting out there. Oh well, next year when things get worse those Realtors are going to be in for a shocker. NYC Realtors are also putting out the same false information.
Quote:
Originally Posted by sunrico90 View Post
Very interesting post: http://www.[domain blocked due to spam].net/content/kri/2007/12/south-florida-housing-market-home-prices-up-down-depending-on-source (broken link)
As for how much home prices will drop or when they will stabilize, NO one can predict that. What is happening is historically unprecedented. Not to mention the whole foreclosure crisis is just beginning, the bulk of it hasn't even started yet.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Closed Thread


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Florida
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top