What's the latest poll on FL housing prices? (Orlando, Kendall: mortgage, foreclosures)

[Nancy Lynne]

Up? Down? Still going down? Leveled off? How about the amount of inventory? Which areas are changing the most?

Here in NJ, in my town...there is very little for sale. What is for sale is either junk that has been sitting for 2 years and is still way overpriced. Nothing new has come on the market in a good 6 months. Then there are the really high priced waterfront homes that are waaaaaayyyyyyy over priced. These people are delusional. What these people don't realize is..........NJ ain't no Hamptons!

[daniellefort]

Citrus County has a lot of homes for sale though i think the prices have finally leveled off to reasonable prices. You have many to pick and choose from around here anywhere from $130,000 which is about the low average and up from there.

[FL_TN_Nana]

There was an article last week in the Orlando Sentinel that the Orlando area now has a 16 month supply of homes for sale! There has been some drop in prices, but median price is still hovering around the $250k price range.

[Need_affordable_home]

Prices in my city/county is dropping nicely. I made another thread about this desperate seller who paid $440k and wants $350k or best reasonable offer. Searching the MLS you can now choose from a good choice of nice houses for high $200s to low $300s. At the peak, most of the $300k houses was borderline junk.

[Jammie]

The areas where I've been keeping an eye on haven't shown much moving for about the past 6 months now. Several have on their ad things like. "Motivated Seller. Make an Offer". I actually read one the other day that said, "Please, just make an offer. All offers will be considered." I know that there are several people who bought when the market was too high and also a few realtors who claim the market is just fine. But it's pretty easy to see that when so many people can't pay for their insurance and taxes or make their mortgage payments that the buying price is way out of line and it will HAVE to drop. There are always the select few who buy more then they can pay for, but once it starts happening to masses of people, you can no longer blame it on one or two people for having poor money management abilities.

[Need_affordable_home]

Whats your prediction on how low prices will get? Will we see a return to prices of the year 2000? If prices doubled in a few short years, wont it halve at the bottom of the correction?

[firemed]

Originally Posted by Need_affordable_home

Whats your prediction on how low prices will get? Will we see a return to prices of the year 2000? If prices doubled in a few short years, wont it halve at the bottom of the correction?

Its hard to call but there is alot more to the correction. I think spring will be the breaking point. That will be when the panic will set in. I can't see why the market will change anytime soon. Rates have been stable and homes are still sitting empty. Urgency is gone, Foreclosures are up. Lending is now much harder to get, The insurance fix is just a band-aid and if a storm hits I think alot of insurance carriers will leave the state. ( 48 other states to sell in. I took out Mississippi ) FP&L has to make the money lost in the last few years and still build more power plants to supply the state. Other southern states are much more stable and cheaper for retirees then Florida. Every Boomer retiring will not move to Florida ( some will ). And we are far from running out of land. I would think a drop of 50% may be real.

[lionking]

speaking only of my area,from the peak 2 years ago prices have come down 25-30k (around 9to10%).

Things are picking up,I've noticed a couple houses sold recently,a friend who lives in Kendall says the same thing about her 'hood.

I've had someone put a downpayment on mine,though nothing is final yet.Over the last week I've had 5 people come with a realtor to look at my house.

Too early to say if this means things will pick up overall but its looking better for sales so far.

[firemed]

Originally Posted by lionking

speaking only of my area,from the peak 2 years ago prices have come down 25-30k (around 9to10%).

Things are picking up,I've noticed a couple houses sold recently,a friend who lives in Kendall says the same thing about her 'hood.

I've had someone put a downpayment on mine,though nothing is final yet.Over the last week I've had 5 people come with a realtor to look at my house.

Too early to say if this means things will pick up overall but its looking better for sales so far.

Why are you selling ?

[RedWingsFan]

Going down! We have been looking at a community in Port Orange for 3 months now and really like it. When we started out the brand new home plan we liked was listed at $289k. Today we went there and they lowered the price to $239k and this is for a brand new house in a great community!!! That's a big drop in three months! When they do that, the people with the used ones will have to lower as well in order to sell.