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Old 03-15-2007, 03:59 PM
kar kar started this thread
 
Location: Tampa Bay
179 posts, read 695,096 times
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Just wondering how much of the melt down in the subprime mortgage market will finally be the last nail in the coffin in the Florida housing market and do you think prime mortgages with adjustable rate and interest only type of loans will follow right behind them?
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Old 03-15-2007, 04:02 PM
 
Location: Heartland Florida
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Well one can only hope! The harder the market crashes the better!
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Old 03-15-2007, 04:20 PM
 
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From what I've seen, Florida isn't in the top states for foreclosures right now. Most likely because our boom was fueled by second home purchases and people who thought they could invest and turn a quick buck.


I would NEVER hope for a "market meltdown" where it meant ordinary people would lose their homes, destroy their credit ratings, and be financially ruined.

It would be nice to see the banks get what's coming to them, however, but really, will bank defaults REALLY help "us"?
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Old 03-15-2007, 04:22 PM
 
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I don't think its just the subprime, Just now people are thinking I'm the Greater Fool and are doing anything to get out of the a contract. If people are walking away on a tower with the name Trump on it and winning it can't be good for the market.

The Tampa Tribune. “Two buyers of a condominium in the stalled Trump Tower Tampa project overcame the first hurdle Wednesday in their quest to get their deposits back.”

“The decision is a ‘fairly critical blow’ for the troubled development and could result in other buyers following suit, said Sander Moody, a professor at the Florida Coastal School of Law in Jacksonville.”

“‘Now, instead of pouring concrete and meeting with lenders, these developers have to pore over documents to hand over in discovery,’ Moody said.”

“The publicity, he said, could make it more difficult for developers to get financing, and Wednesday’s ruling increases the likelihood that developers could settle with the plaintiffs to avoid more lawsuits from other buyers.”

“The plaintiffs in this case put down 20 percent on a $1.4 million condo in August 2005 and contend that it is now impossible for developers to complete the 52-story downtown tower by the December 2008 deadline specified in their contract.”
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Old 03-15-2007, 04:27 PM
kar kar started this thread
 
Location: Tampa Bay
179 posts, read 695,096 times
Reputation: 105
Quote:
Originally Posted by TriMT7 View Post
From what I've seen, Florida isn't in the top states for foreclosures right now. Most likely because our boom was fueled by second home purchases and people who thought they could invest and turn a quick buck.


I would NEVER hope for a "market meltdown" where it meant ordinary people would lose their homes, destroy their credit ratings, and be financially ruined.

It would be nice to see the banks get what's coming to them, however, but really, will bank defaults REALLY help "us"?
Florida is in the top states in foreclosures. http://www.realtytrac.com/ContentMan...16&accnt=64847
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Old 03-15-2007, 04:39 PM
 
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Unfortunately the only answer is a market meltdown. Many places in Florida needs to drop back to or below 2001 prices. And yes, it will hurt many people now.

But in the long run, it is the only way for young families in the future to afford Florida. When you look at the price curve and see it go off the charts from 2001-2006 when wages stayed flat it tells you it was all artificial nonsense.

Rent newcomers, rent.
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Old 03-15-2007, 04:46 PM
 
17,297 posts, read 25,631,987 times
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Quote:
Originally Posted by kar View Post
Florida is in the top states in foreclosures. http://www.realtytrac.com/ContentMan...16&accnt=64847
This data in your link is from September 2006.

More recent numbers show Florida delinquency rates to be 22nd in the Country:

Percentage of all delinquent loans in the fourth quarter by state (State data are not seasonally adjusted):

Mississippi 10.6%

Louisiana 9.1%

Michigan 7.9%

Indiana 7.8%

Georgia 7.5%

West Virginia 7.4%

Texas 7.4%

Tennessee 7.3%

Ohio 7.3%

Alabama 7.1%

Kentucky 6.3%

South Carolina 6.3%

Pennsylvania 6.3%

North Carolina 6.1%

Arkansas 6.1%

Missouri 6.1%

Oklahoma 6.1%

Illinois 5.4%

Kansas 5.1%

Rhode Island 5.0%

Maine 4.9%

Florida 4.9%

New York 4.8%

Nebraska 4.7%

Massachusetts 4.5%

New Jersey 4.5%

Delaware 4.5%

New England 4.5%

Iowa 4.4%

New Hampshire 4.4%

Colorado 4.4%

New Mexico 4.3%

Connecticut 4.3%

Maryland 4.3%

Wisconsin 4.1%

Nevada 4.1%

Utah 4.0%

Minnesota 4.0%

Mountain 3.9%

District of Columbia 3.7%

Virginia 3.7%

Arizona 3.5%

Vermont 3.4%

Idaho 3.4%

California 3.3%

Alaska 3.1%

Washington 2.9%

South Dakota 2.9%

Wyoming 2.9%

Montana 2.8%

North Dakota 2.7%

Oregon 2.6%

Hawaii 2.4%

Source: Mortgage Bankers Association

http://www.usatoday.com/money/econom...closures_N.htm
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Old 03-15-2007, 04:55 PM
 
2,141 posts, read 6,338,539 times
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The delinquency rate for subprime loans in Florida in the fourth quarter was 12.53 percent, up 139 basis points from the fourth quarter of 2005, the survey showed. The delinquency rate for FHA mortgages, government-backed loans used by first-time home buyers, was 12.74 percent.”
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