Are RE prices still very low in CC and Ft. Myers Areas? (Cape Coral: mortgage, refinancing)

[KasperFile1]

Originally Posted by rikoshaprl

I doubt the banks will flood the market with all of their remaining holdings all at once. They don't want to devalue their holdings.

Wrong! The last thing the banks want is to be named the owners of the properties, will make them 100% liable for upkeep, accrued HOE fines, fees and tax's. The faster the banks sell them the better for them. Banks don't give a rats As" what it dose to the soaring homes values, by now banks want out of RE and fast..

Originally Posted by rikoshaprl

This market can absorb a good amount of properties. There are not nearly as many available now as there was two years ago.

maybe, maybe not, now if you add the the facts that once these properties go to market at discounts it will more then likely decrees the values of sounding homes, then the sounding home's owners get posed that their 30% more underwater and step paying to just set a new round of foreclosures for all you flipper wanabees. trust assure this is no were near over..

[KasperFile1]

here is the heat maps showing 2012 foreclosures activity Fort Myers Local Foreclosure Trends and Foreclosure Information | RealtyTrac Lee co, is so hot its Blood Read. just wait for the banks shadow innovatory.

[rikoshaprl]

Originally Posted by KasperFile1

here is the heat maps showing 2012 foreclosures activity Fort Myers Local Foreclosure Trends and Foreclosure Information | RealtyTrac Lee co, is so hot its Blood Read. just wait for the banks shadow innovatory.

You might want to look at this post by nhkev regarding the inaccuracy of Realty Trac's foreclosure numbers:
nhkev vs realtytrac

[nhkev]

the big problem with your argument is jeff tumbarello keeps a record of what the major banks are "holding" for inventory and guess what, there is not a huge shadow inventory that banks are holding.

67-71% of the homes purchased over the last 4 yrs have been paid cash, no mortgage to be foreclosed on. banks lending standards have been so tough over the past 4 yrs that the majority of buyers needing a mortgage were very qualified buyers.

more homes have been sold in the past 4 yrs than the boom yrs combined which means the "problem" homes have already largely been worked through the system.

when the lee county courthouse was doing the "rocket docket" they were able to flood the market with foreclosures. since june of 2011 this has stopped and the courthouse has been limited to getting about 400 properties (land, homes, condos, commercial properties) to market per month county wide. Hardly a flood. they cannot process any more so above this number will go into backlog which will make the foreclosure problem last longer but keep it under control. demand for these homes are greater than the supply so the end result is not change in inventory numbers.

fact: homes have increased in price
fact: todays foreclosure rates are 70 % lower than what they were in 2008

If you follow how many homes have been foreclosed on and how many have sold over the past 5 yrs. take into consideration the reo's on the MLS and that the banks will inevitably hold some inventory from the time they take possession to finding a realtor and prepping the property for resale they overall numbers are extremly close. anyone who claims they banks are holding huge shadow inventory has never been able to prove it but yet the banks say they are not holding inventory and have to disclose their non performing assetts (which have been decreasing across the board). People do studies comparing foreclosures to sales and active listings. But the "shadow inventory camp" never seem to accept facts they prefer their conspiracy theories.

[rikoshaprl]

Originally Posted by KasperFile1

O yea forgot that good old char leading song " we are special, its deferent here, It's the best time to Buy a home in Lee"

I;ll tell you whats about to happen, and please, please bookmark this thread. Ok here it is, all those abandon homes ( i see at least 1 on each block in the cape ) will be placed on the market at rock bottom prices, banks will start to foreclose on the 100s of hoses that the owners stop paying and will ether sell or rent a deep discounts and the assault rate will rise do to all the suckers who bought into the "it's a great time to buy" propaganda will go out hunting thir realtor's.. I hope I'm wrong but , if I'm not, remember ! "we tried warning you"

Good luck

People have been warning of continued doom in this area's real estate for the last two years. The only loss would have been waiting to buy. Personally I don't care if prices go up as I am not going to be selling. I might be better off if prices go down so my property taxes don't go up.

[nhkev]

Originally Posted by rikoshaprl

People have been warning of continued doom in this area's real estate for the last two years. The only loss would have been waiting to buy. Personally I don't care if prices go up as I am not going to be selling. I might be better off if prices go down so my property taxes don't go up.

Most of the people on here also realize there is a seasonality to month to month home prices. March, April, May are usually the highest median home prices. Usually july , august, september, october median prices start to wane. the month's in between are usually steady. This has little to do with actual home values, but instead has to do with what is being bought. It is why I pay more attention to the yr over yr numbers rather than month to month. that way the seasonality is taken into consideration.

I would like to see my taxes stay low, but I know that the prices are still too cheap and that the need to raise to a level of 85% replacement cost in order for construction of new homes to get to where it would be a "normal" market. New construction means new jobs.

[KasperFile1]

Originally Posted by nhkev

Most of the people on here also realize there is a seasonality to month to month home prices. March, April, May are usually the highest median home prices. Usually july , august, september, october median prices start to wane. the month's in between are usually steady. This has little to do with actual home values, but instead has to do with what is being bought. It is why I pay more attention to the yr over yr numbers rather than month to month. that way the seasonality is taken into consideration.

I would like to see my taxes stay low, but I know that the prices are still too cheap and that the need to raise to a level of 85% replacement cost in order for construction of new homes to get to where it would be a "normal" market. New construction means new jobs.

No disrespect intended here, but who are you? Other then a name in a forum giving advise and market direction's.. Do you have credentials, phone, address, face ? Or just some self proclaimed realtor analyst or home owner?

[equalrightsforeveryone]

Originally Posted by KasperFile1

No disrespect intended here, but who are you? Other then a name in a forum giving advise and market direction's.. Do you have credentials, phone, address, face ? Or just some self proclaimed realtor analyst or home owner?

You have to remember that many of the people that try to make real estate look better in this area do not even live here or only come here as tourists, for some weeks or months a given year.
Some think by posting nothing but wonderful news they can talk up the market (which is Bilge), those same people are also afraid that any one post the facts (which by the way are ALWAYS Dubbed, Negative posts) can cause a down turn in the market.
The facts and only the facts will move the market, not what some people post here.
This area has always been presented as something it is not, many people bought in to it and now can't get out or if they do they loose their shirt.
But they are very afraid, and they should be not because of the posts but the market.
Until they stop relying on retirement communities and start building viable cities that have sustainable growth, it will never change.
There will be an other boom eventually, followed by the inevitable bust.
But that is a while of in the future, and most people that have participated in the last Boom and bust, in this area will not recover their loss.
So they are not happy campers, If you buy at or near the bottom you'll do great.
But mostly the one's that are so vehemently opposed to the facts are the one's that lost their shirt, and most likely will not recover it.

[rikoshaprl]

Originally Posted by KasperFile1

No disrespect intended here, but who are you? Other then a name in a forum giving advise and market direction's.. Do you have credentials, phone, address, face ? Or just some self proclaimed realtor analyst or home owner?

So funny that someone with 11 posts is questioning credentials of a respected poster.

[KasperFile1]

Originally Posted by rikoshaprl

Originally Posted by KasperFile1
No disrespect intended here, but who are you? Other then a name in a forum giving advise and market direction's.. Do you have credentials, phone, address, face ? Or just some self proclaimed realtor analyst or home owner?
So funny that someone with 11 posts is questioning credentials of a respected poster.

it was a simple and 100% applicable question, no reason to get offensive about it. i feel real sorry for you if you base your decisions and actions , especially costly one like buying into RE on someone that has a lot of post on forums..