Housing Bubble Popped but why aren't the prices reflecting it? (Tampa: real estate, rent)

[nychiefsfan]

Stocks end week on downslide
Saturday, June 23, 2007
Associated Press

Wall Street ended a volatile week with a sharp decline yesterday as investors again succumbed to nervousness about rising interest rates and souring subprime loans. The Dow Jones industrial average fell more than 185 points.

NJ.com: Everything Jersey

The reason I post this, Audacious, is because if the economy were to go into a recession, then now would not be the time to buy a home. If someone is "on the sidelines" watching the RE market, please also pay close attention to what the economy is doing and what the stock market reports are saying.

No one wants a recession or, God forbid, a depression. A lot of people who want to buy homes may not have the luxury of being as monetarily stable as others and if money is especially tight, then please be judicious in buying a house at the right time.

[rstate]

Originally Posted by nychiefsfan

You make some good, valid points. We can, however, generalize about the amount of previous speculative buying in every area in FL that has partially contributed to the current housing slump. Add in the amount of subprime mortgages in most every area of FL, and the impact of how foreclosures will affect the comparables, then that may also be generalized. Time will tell. There's still a lot of resets that haven't happened yet.

Each city in Florida has those issues, but the price fluctuations will differ from city to city, because each city's economics is different. With Jacksonville, there are still a lot of people moving here (and they're moving from areas with higher home prices), so they don't have a problem purchasing homes at the current prices because prices have been fairly stable. So this increased demand will help to continue to stabalize prices against these negative factors. In other cities, (for ex.)there might be new job creations which might help counteract some of these negative factors, so prices might still drop a bit. In your area, there might not be any positive factors, so you're area might drop a good amount. So even though the housing in every city will be dealing with these negative factors, I don't think you'll see the same result in each city with regards to housing prices.

[lostbuyer]

heres a link to the church of real estate i posted about earlier...Realtors attend worship service to pray for better market - Northwest Florida Daily News (broken link)

[lostbuyer]

also see these charts....I would say 75% of florida is overpriced.....The Big Picture | Most Over/UnderValued U.S. Housing Markets

[lostbuyer]

or more like 80% + , cause I forgot that big white spot towards the bottom is lake okochobbee......atleast you could still build cheap on the water...

[UKOK]

Originally Posted by nychiefsfan

here's a great webpage that gives you the dates and relative information on all of the major reports, like new home sales, existing home sales, consumer confidence, housing starts, building permits, etc.

Just about every report listed is important, because it gives us an idea of where the economy is heading.

Bookmark it, if you want:
Reports from Briefing.com - Markets Data Center - WSJ.com

Super website, thanks.

[nychiefsfan]

Originally Posted by lostbuyer

heres a link to the church of real estate i posted about earlier...Realtors attend worship service to pray for better market - Northwest Florida Daily News (broken link)

Thanks for the laugh! Maybe we should all pray for lower prices? LOL

[nychiefsfan]

Originally Posted by lostbuyer

also see these charts....I would say 75% of florida is overpriced.....The Big Picture | Most Over/UnderValued U.S. Housing Markets

my area is in the 34-79% range. I'm glad the RE has hit bottom

[nychiefsfan]

Originally Posted by UKOK

Super website, thanks.

anytime, my friend

[ddlove01]

Awesome link, We're definitely in the RED, oh well 3 years ago we must've been in the GREEN : )

Originally Posted by lostbuyer

also see these charts....I would say 75% of florida is overpriced.....The Big Picture | Most Over/UnderValued U.S. Housing Markets