[SKB]

Originally Posted by kort677

not to be argumentative,, negative or insulting, but if you are unwilling to listen to advice from people who have a bit more experience than you do, then you are doomed to never getting ahead. Believe it or not you don't know too much about financial matters.
I learned a long time ago that I am always learning from people, in fact the smartest most successful people are always willing to accept advice from people who know more about things than they do. In business I've always held to the premise that in order to be a success I've always hired people who have more expertise than I do in their fields.
For example my wife is a CPA, but when she needs legal advice, she doesn't pretend to know the law, she hires a lawyer, another example, her strengths are in auditing, so when I need financial planning, I use a financial planner, and she's ok with that, why? because she knows that is not part of her range of expertise, and here's the kicker, I've been a trader on wall st for over 30 years, and guess what, I use an investment adviser. Why? because trading and investing are not the same and I am willing to accept advice from people who have better knowledge of investing than I do, and guess what, my advisor uses my expertise on trading for timing. because he realizes that my knowledge is stronger than his in that field.
Bottom line:
As soon as you learn to accept advice you'll be better off.

I know a heck of a lot more about finances than you think I do.

I am a certified trainer for a major top ten credit card company. I am certified for the USA, and The UK. I have trained hundreds of associates in four departments, contingency (post charge off), and outsourcing (pre charge off, delinquencies of 60-179 days) The pre legal department and the HLOB department. The training includes educating the associates the FDCPA and State laws and making sure they pass an exam with a minimum 98% score.
I also teach budgeting, credit, credit repair, judgements, tax liens, MEW, 401K, Thrift Savings, 1099c, Bankruptcy, CCCS, just to name a few subjects that I am an expert in outside of the expertise I have in teaching about negotiation.

I certainly know and have seen first hand the financial houses of thousands of people. I know that the majority of the people we deal with have NO savings, No financial plan, live payday to payday and are up to their eye balls in credit card debt, car payments and personal loans, AND HELOC. These are both personal and business accounts.
In my personal life, I have managed to save over 150,000 in less than five years. I have NO debt, credit scores over 800, paid cash for both of our vehicles purchased in the last five years and have been able to go on a couple cruises, and vacations.

I like thousands of others believe that the USA's market downturn is due to many factors consisting of bad ideas and loose lending practices, one being the FEDs lowering the interest rate to 1% and keeping it there for an entire year after 911 to prevent a ressession.

Encouraging ALT-A and Sub-Prime lending in toxic levels NEVER seen before. Corrupt lending complete with corrupt appraisers.

Encouraged ARM's, no doc, stated loan, reverse mortgage, interest only and MEW to name a few of the products offered during the credit bubble.

Watched the prices of homes double and triple in a few short years in Florida and all coastal cities, Florida was considered ground 0 to this.

There are only so many people that will buy into a craze before the party stops. I believe the party is over and now these people have to deal with declining house values for YEARS.

You think prices will not go down to much more? Tell me who is going to be able to purchase these millions of homes with the median income now so out of whack with the median price of homes?
Now that lenders are not and will not be able to give money away so carelessly anymore who is left to buy them?

[john1963]

sounds like some on here are trying to sell real estate.

everyone has an opinion.

personally, i would wait 2-3 years as the banks will be dumping all these foreslosures on the market for cheap.

ps. i didn't mean to insult all realtors, i know many are very honest, but i am saying most realtors will always say "it's the time to buy" no matter what market it is...it is true on a 30 year investment but now it would be terrible advice. Most people would not turn down a 5,000+ commission by telling you to wait a year or two.

[kort677]

Originally Posted by SKB

I know a heck of a lot more about finances than you think I do.

I am a certified trainer for a major top ten credit card company. I am certified for the USA, and The UK. I have trained hundreds of associates in four departments, contingency (post charge off), and outsourcing (pre charge off, delinquencies of 60-179 days) The pre legal department and the HLOB department. The training includes educating the associates the FDCPA and State laws and making sure they pass an exam with a minimum 98% score.
I also teach budgeting, credit, credit repair, judgements, tax liens, MEW, 401K, Thrift Savings, 1099c, Bankruptcy, CCCS, just to name a few subjects that I am an expert in outside of the expertise I have in teaching about negotiation.

I certainly know and have seen first hand the financial houses of thousands of people. I know that the majority of the people we deal with have NO savings, No financial plan, live payday to payday and are up to their eye balls in credit card debt, car payments and personal loans, AND HELOC. These are both personal and business accounts.
In my personal life, I have managed to save over 150,000 in less than five years. I have NO debt, credit scores over 800, paid cash for both of our vehicles purchased in the last five years and have been able to go on a couple cruises, and vacations.

I like thousands of others believe that the USA's market downturn is due to many factors consisting of bad ideas and loose lending practices, one being the FEDs lowering the interest rate to 1% and keeping it there for an entire year after 911 to prevent a ressession.

Encouraging ALT-A and Sub-Prime lending in toxic levels NEVER seen before. Corrupt lending complete with corrupt appraisers.

Encouraged ARM's, no doc, stated loan, reverse mortgage, interest only and MEW to name a few of the products offered during the credit bubble.

Watched the prices of homes double and triple in a few short years in Florida and all coastal cities, Florida was considered ground 0 to this.

There are only so many people that will buy into a craze before the party stops. I believe the party is over and now these people have to deal with declining house values for YEARS.

You think prices will not go down to much more? Tell me who is going to be able to purchase these millions of homes with the median income now so out of whack with the median price of homes?
Now that lenders are not and will not be able to give money away so carelessly anymore who is left to buy them?

you might know something about your area of expertise of finance, but you don't know enough about any other aspects of the market.
you didn't read or comprehend what I wrote, so I'll repeat, I have been on wall st for over 30 years, I was a 30 year member of the exchange in NY, you can't get closer to the market than me, but I use financial advisers because I don't know everything and I use their knowledge for my betterment, my wife is a CPA, she has a masters in accounting and a masters of business, and we still use outside people for tax issues, why? because her focus isn't taxes.
You know about credit but you don't know about real estate transactions, get yourself professional advice because right now all you are doing is convincing yourself that your opinion is the only opinion and that is a big detriment to yourself. you must open up to differing ideas and opinions you will better off if you do. one thing I live by, when you start believing your own BS, you're in trouble.

[sunrico90]

Found this article interesting: Real Estate News and Tips for Buyers, Sellers & Investors - Inman News

[JimKing]

The St Petersburg Times reports from Florida. “One in five U.S. homes entering the foreclosure process last month were located in Florida. It’s not the sort of ranking that makes you want to shout, ‘We’re No. 1!’ Mark Vitner, senior economist at Wachovia Corp., cites two key reasons why the state stands out today: An abundance of properties owned by speculators. The relative ease and speed with which mortgage lenders can obtain a court-ordered foreclosure here.”

“The onetime Jacksonville resident says he was surprised to learn, after the fact, just how much speculation took place in Florida during the recent boom. Many buyers told their lenders they planned to live in the homes they were buying. ‘The truth is, people lie,’ Vitner says.”

“Sales by Realtors of homes and condos in the group’s core market, mainly Orange and Seminole counties, were down 45.46 percent to May 2006, the report stated.”

“The inventory of single-family homes and condos listed through Realtors, up 1,028 to 25,463 properties, (was) another record. That’s 40 percent more than a year ago and a 16.43 month supply at the recent, sluggish sales pace.”

[JimKing]

From Tampa Bay Newspapers. “Broker Karen Selby said residential real estate sales in Pinellas County are about 40 percent of what they were a year ago. ‘Taxes and insurance combined are putting (potential buyers) out of the ratio for getting approved,’ Selby said.”

“An estimated 250 people, mostly Realtors, turned out for the three-hour forum May 28 hosted by the Pinellas Realtors Association. The real estate agents complained that ‘more people are leaving the state than moving here’ because of the state’s new reputation for high property taxes and scarcity of home insurance.”

“‘I see a $250,000 speed boat on the Intracoastal being used to catch people without their life jackets on,’ Kevin Hussey (said). ‘Something has to be done now. We read that the real estate market has slowed down. It’s worse. It’s on its knees.’”

“A billboard on interstates at Florida borders, facing south, should bear the message, ‘Will the last person out of Florida turn off the lights’ said Zapita Bukowsky of Seminole.”

[JimKing]

The O’Sullivan’s Irish Restaurant lights are out, the parking lot is empty and the mail is piling up at the door. In about a one month time-span, North Fort Myers saw O’Sullivan’s, Hurricane Harry’s and Foxfire Grill, all of which are within a mile of each other, shut down.’

‘The effect came down on us. The housing market is down, gas is up and people are not going to go out. They’re going to save money. We got the brunt of it,’ said former O’Sullivan’s owner Alan Rash.’

[Audacious]

Originally Posted by JimKing

The O’Sullivan’s Irish Restaurant lights are out, the parking lot is empty and the mail is piling up at the door. In about a one month time-span, North Fort Myers saw O’Sullivan’s, Hurricane Harry’s and Foxfire Grill, all of which are within a mile of each other, shut down.’

‘The effect came down on us. The housing market is down, gas is up and people are not going to go out. They’re going to save money. We got the brunt of it,’ said former O’Sullivan’s owner Alan Rash.’

Ft. Misery had plenty of problems long before the bubble but 'tis a sad event when any pub closes.

[sunstate]

Chicken Little...er... I mean JimKing sure loves speadin' the gloom. I have read all the posts on this thread and I am still not sure of JK's motives. Is he posting to depress the sellers? Is he posting to warn buyers not to buy now? Just what is his point?
I am a native Floridian. I have seen the bottom drop on real estate before in the 80's. The fact remains that people still want to live here. So what if there is no record appreciation right now. Over the long haul, prices will increase again. If you need a house to live in, buy a house. You will get the tax consideration on your federal taxes for interest paid. If you want to flip houses, look for another short-term investment.

A 900 square foot house that I bought in 1987 for $46,000 just sold last month for $247,500. If JK's thinking were really the case, that house should have sold for less than $100k. Hmmm...

[kelly3120]

yeah sun state!
what a great investment you made...

yay for you!