Homes going up or Down in Price? (Cape Coral, Lehigh Acres: insuring, crime)

[hiknapster]

Originally Posted by Taratova

I know I heard it on CNN because I made a mental note of what news outlet I was watching. I have been hearing this for a while now on different outlets , in my local papers and associated press releases.

I found this article on the net referring to this wave due in 2012 and includes numbers. This is referring to the country but it will affect Florida as well .

http://ezinearticles.com/?Adjustable-Rate-Mortgage-(ARM)-Resets-Threaten-to-Bring-A-New-Wave-of-Foreclosures&id=3650015 (broken link)

CNN must have deleted the article because I can't find it.

The "article" you are referring to was not written by a journalist but is by someone that was in the business of "helping" people in foreclosure. It then directed people to go to his or her website. In other words, it was a business-generator. Further, the link is dead and it looks like Lee Sebele is no longer in business.

Finally, that ad was written in January of 2010.

Originally Posted by stahltkd

Looks like I'm on everyone's ignore list lol

I would never ignore you!

[CDusr]

Originally Posted by justNancy

Keep in mind, this was a home with a pool. So this really isn't a bad price, but it will take a lot of work and permits from the county, etc.

I do agree prices were probably better a few years back, but only because there was a wider choice of homes. When people ask "are prices going up or down?" one answer might be "up" for homes purchased 2 years ago and remodeled. I hope I can mention homes in NP and PC, even though they're in different counties. I drove by 2 houses in a nice area of NP that, to me, are priced very well. Both are approx 1250 sf (because that's all I want) and are 3 beds, 2 baths, 2 car garage. One was built in 2000 and the other was built in 2002 and listed for $86,900 and $90,000 respectively. When I got home and ran a search, both houses had been purchased as foreclosures, although they're both regular resales now. One was bought in 2008 for $78K (listed for $90K) and the other was bought in 2010 for $73K (listed for $86,900) Unless improvements have been made to these homes, the owners must feel they can make a profit.

I guess the bottom line is "is there a buyer?" When there's a buyer, it doesn't really matter what the price is, except that someone is willing to pay it.

The pool thing I think is over rated. Though certain areas seem to value such things more.

Ultimately, it does always come down to the market.

Nobody that I have seen is saying there is smooth sailing ahead so certainly want to keep an eye on what is happening. There is a lot of RE to choose from in the US for sure.

[justNancy]

I think it depends on the market you're in, but I don't think there are nearly as many houses available as there were in 2008 and 2009.

Regarding foreclosures, wasn't this on CNN this morning?


[URL="http://politicalticker.blogs.cnn.com/2011/07/03/obamas-housing-chief-nows-the-time-to-buy/"]Obama’s housing chief: Now’s the time to buy – CNN Political Ticker - CNN.com Blogs[/URL]

Donovan said declining foreclosure rates make him hopeful, adding that it is “very unlikely we see a significant further decline.”

[justNancy]

Originally Posted by Taratova

I know I heard it on CNN because I made a mental note of what news outlet I was watching.

I think I did too. I've heard so many conflicting stories on cable news, however, that it's hard to keep track.


I think it depends where you live (obviously) since many areas like Pittsburgh didn't have much of a housing slump. Areas in which I was looking for homes a few years ago like Greenville SC never had a big bubble, so there wasn't as much of a burst. I just read that Miami is still one of the worst places to invest your money, since prices are estimated to fall for the next few years.

I guess we can only know what we see in our own neighborhoods and hope the "experts" are reporting information based on facts.

[Taratova]

Originally Posted by hiknapster

CNN must have deleted the article because I can't find it.

The "article" you are referring to was not written by a journalist but is by someone that was in the business of "helping" people in foreclosure. It then directed people to go to his or her website. In other words, it was a business-generator. Further, the link is dead and it looks like Lee Sebele is no longer in business.

Finally, that ad was written in January of 2010.





I would never ignore you!

The facts are that there is another wave coming of foreclosure in 2012. One would have to live under a rock not to know it is coming.

[rikoshaprl]

Beating a dead horse... Cape Coral has gone through most of their foreclosures unlike the rest of the country so watching national news does not tell an accurate story for this area.

[CCRESI]

Only time will tell folks.

As long as we keep selling the inventory, buyers stay interested in our area, and the banks keep lending money(responsibly)....we will continue to heal.
Jobs would help too.

Have a great weekend everyone!!!

[freddyCF]

Originally Posted by rikoshaprl

Beating a dead horse... Cape Coral has gone through most of their foreclosures unlike the rest of the country so watching national news does not tell an accurate story for this area.

First in, first out

[nhkev]

The initial foreclosure filings were running about 800-900 a month right. Before the robo doc scandal. Then they dropped to about 400 a month. Most notably bank of america and jp morgan/chase halted all foreclosure activity. In june I had previously noted that bank of america started filing again. That is directly what has accounted for the increase to the 460 mark in june. There is still room for foreclosures. To increase when jp morgan starts up again. The trend line was going down b4 the scandal, but would make sense for a spike when the two largest players start up again. It is very much a numbers game, if it goes back up to 800 filings per month but sales remain at 1200 a month it is still a net reduction in inventory. So unless filings exceed the total of single fam,condos,and land sales it is not going to derail the recovery.

[nhkev]

the backlog is dropping at a very fast rate. Jeff tumbarello did a quick study of the local foreclosures to see if the banks are sitting on inventory that they have foreclosed on. does not appear any future wave of foreclosures coming to lee county.

YouTube - ‪June 2011 Backlogged Foreclosure Report. Lee County Fl, from SWFL REIA‬‏