2008 Florida Housing market Thread Jan - Mar (mortgage, loans)

[Wild Style]

^^

excellent point

There is a area in Queens that has been gutted because of this whole fiasco. I think a lot of places will end up looking messed up when the dust settles.

[firemed]

Alot of things to think about. Business has been good for commercial properties because “Florida is on sale,” But who is buying ? Let's see how this plays out.


Recovery is in sight, says realty broker | news-press.com | The News-Press

[Wild Style]

Bernanke has a great nack for staking the obvious

[kap64fl]

Originally Posted by firemed

Alot of things to think about. Business has been good for commercial properties because “Florida is on sale,” But who is buying ? Let's see how this plays out.


Recovery is in sight, says realty broker | news-press.com | The News-Press (broken link)

That story is hilarious. The realtor says it is a recovery...but there is a huge back log of houses...and lower the price so you aren't catching a slinky going down the stairs. Wow, that is some recovery! The funniest part is when he says it is affordable because 1500 square ft. houses are $225,000. Ha, the norm in Sarasota is $80-100 square foot. Call me when those prices on 1500 square footers get to $120,000-150,000, depending on location and condition. Realtors are getting excited because some lulus are buying overpriced foreclosure properties due to all the press. It is simply a little blip that is normal in housing crashes. Sarasota and south west FL has a long, long, long way to fall.

[Ten]

Once again, there won't be soft landings, turnarounds, glimmers of hope, or lights at the ends of tunnels until correction has occurred. "Hope" is a fallacy when that hope is for the failed 2005 bubble market to be succeeded by more artificially high prices going into the next decade.

The problem isn't homes, it's financial markets underpinned by fiat currency and the Fed. The problem is that paper is not money, a problem solved by the globe by doing to the dollar what it did to the pound sterling 100 years ago, which is to simply stop using it as a standard of trade. Now we're living those times, folks.

What's a major correction look like? Beats me, but I bet it includes stuff like this:

FDIC to Add Staff As Bank Failures Loom.

This is what it says it is, the Federal Deposit Insurance Corporation is anticipating having to cover bank failures. In the US.
[indent]"Regulators are bracing for well over 100 bank failures in the next 12 to 24 months, with concentrations in Rust Belt states like Michigan and Ohio, and the states that are suffering severe housing-market problems like California, Florida, and Georgia," said Jaret Seiberg, Washington policy analyst for financial-services firm Stanford Group.

[kap64fl]

[quote=Ten;2965528]Once again, there won't be soft landings, turnarounds, glimmers of hope, or lights at the ends of tunnels until correction has occurred. "Hope" is a fallacy when that hope is for the failed 2005 bubble market to be succeeded by more artificially high prices going into the next decade.

The problem isn't homes, it's financial markets underpinned by fiat currency and the Fed. The problem is that paper is not money, a problem solved by the globe by doing to the dollar what it did to the pound sterling 100 years ago, which is to simply stop using it as a standard of trade. Now we're living those times, folks.

What's a major correction look like? Beats me, but I bet it includes stuff like this:

FDIC to Add Staff As Bank Failures Loom. (broken link)

This is what it says it is, the Federal Deposit Insurance Corporation is anticipating having to cover bank failures. In the US.[indent]"Regulators are bracing for well over 100 bank failures in the next 12 to 24 months, with concentrations in Rust Belt states like Michigan and Ohio, and the states that are suffering severe housing-market problems like California, Florida, and Georgia," said Jaret Seiberg, Washington policy analyst for financial-services firm Stanford Group.


Exactly. The main stream media is still focusing on little things like some increased activity, people buying foreclosures, etc. Inflation is roaring, wages are flat, and the spending power of working people is dropping like a rock. People will have less money to spend for housing in a year, and in two years, and in 5 years. The long term downward trend is barely getting started.

[firemed]

Originally Posted by kap64fl

Exactly. The main stream media is still focusing on little things like some increased activity, people buying foreclosures, etc. Inflation is roaring, wages are flat, and the spending power of working people is dropping like a rock. People will have less money to spend for housing in a year, and in two years, and in 5 years. The long term downward trend is barely getting started.

I just don't see it changing any time soon!

[Margel]

Just wondering how many have bought before this bubble started to burst? I love my new home and plan on living in it for the long haul (hate moving, never want to do it again, if it can be helped), but I did buy before the prices started to fall. How much of a mistake did I make? I didn't want to flip or just live there a few years and move on. If I plan to stay, did I still make a major boo boo? I would really like to hear honest opinions. I know some of you watched this market very closely and could predict what is happening, obviously, I was not one of those people!

[heydade]

as long as you plan on staying and never planned on refinancing...why worry ? At least you have a roof over your head...are able to make the payments.....and are happy. That is the #1 thing.

[Wendyb0077]

Try not to beat yourself up to much. Enjoy your home and best wishes..