Here comes the home price freefall! (Cape Coral, Fort Myers: real estate, foreclosure, broker)

[NY62]

just making light of the situation. I just think if you are that worried about hurricanes, then you should not move to florida at any time. It is like any where else, if you are going to buy in the middle of the country should you wait till after tornado season? makes no sense , if you buy in march 3 months later is hurricane season. if you buy in august 3 months later is perfect weather, get my point?

[jay2007]

The inflated enrot prices will fall to fundamentals demographics and costs.
Costs to build a new 3-4 bedroom home with materials lot and labor is apprx 69,000, cost to build a condo runs 18,000 to 39,000. Those are the actuals values and COSTS of a home apt or condo.
Who gets the extra 200,000 for a 69,000 dollar home? THE ENROT DEVELOPER, SELLER AND TAX ASSESSOR. Who gets the extra 100,000 for a 39,000 dollar condo, THE SELLER THE TAX ASSESSOR AND THE ENROT DEVELOPER. THE ENROT APPRAISER GETS 300 TO 450 TO LIE.
DUH, property DEPRECIATES over time, plumbing corrodes and rots, bugs infest wires behind drywall, moisture causes drywall to become so deteriorated you can push your finger thru it. NO ONE but an insane person will pay ENROT inflated real estate prices. And the banks are no longer underwriting insane fools who overpay. Price gougers holding enrot priced property have thier hands and arms in a wringer.
Sorry ENROT boys, you guys can no longer rob widows and orphans homes and gouge families, single men and retirees, NO ONE will pay your enrot inflated prices and the few million dummies who got tricked by enrot inflators are WALKING AWAY FROM OVERPRICED HOMES LEAVING THE KEYS IN THE DOOR, the banks are giving these enrot INFLATED properties away for 10 cents on the dollar at Auction, the rest will be sold at COST, under 70,000 FOR 3-4 BEDROOM AND UNDER 39,000 FOR CONDOS.
THE DEMOGRAPHICS DO NOT SUPPORT THE GLUT OF HOMES AVAILABLE...DUH...SUPPLY AND DEMAND.
USA has an oversupply of housing, florida is the worst because the incomes do not and never will support enrot inflated fraud prices.
It matters not to sane homeowners, they will sell for less and buy for less, lateral deflation.
The only people going bk and taking a loss are the fools who OVERPAID, as those enrot housing prices will not come back in this lifetime.
Go see trumps casino in atlantic city. it is a bk bk bk loss loss loss, a gross ghetto that robs welfare checks from poor blacks that sleep in front of trumps casino, yep thats what trumps enrot prices do, rob welfare checks from alcoholic gambling addicted homeless men.
ANY WONDER WHY MCCAIN WILL NOT BAIL OUT STUPID HOMEOWNERS WHO OVERPAY AND THE STUPID ENROT GOUGERS WHO TRY TO OVERCHARGE THEM.
Pay cost and you will be fine, buy re at cost and sell re at cost and there is no housing crisis.
Only the predators and suckers lose in this correction.
DO YOUR HOMEWORK PEOPLE AND YOU WILL BE FINE.

[jay2007]

With 78 million retirees, most OVER 1/3RD living on 1000 a month there is no blood to squeeze from those turnips, the FEW secure seniors have tons of medical and health care costs and most do not want to move to florida and live far away from thier families, any extra money seniors have goes to WALGREENS AND THE DRUG STORES FOR MEDICINE CANES WHEELCHAIRS AND WALKERS, EPSOM SALT, FOOT BATHS, ICE PACKS, COOL PACKS, ASPARIN, DIABETES, ASTHMA SUPPLIES, PORTABLE OXYGEN TANKS, NEBULIZERS and DEPENDS. Single moms, 60 million in USA, have no money to pay ENROT prices as 60 million single moms live on the dole BELOW federal guideline poverty levels, Do enrot INFLATOR clowns think THEY can steal the GOV'T macaroni and cheese money from single moms FATHERLESS kids? Last I heard stealing food coupons from fatherless kids was a crime.
So WHO is going to pay inflated real estate taxes and rents and inflated HOA prices????
NO ONE, thats who.
Ringling brothers and barnum and bailey just ran out of thier last SUCKER. of course there are suckers out there but the suckers have no money and welfare oversees them to make sure enrot gougers do not overcharge them, its call rent control, price control and agency oversight.
all we need is housing condo property tax hoa federal price caps and all will be good and the enrot inflators can go back to hell where they belong.
Shalom, enjoy the corrections in housing, buy low at cost, sell low at cost. The corrections in housing markets are long overdue.
EXPECT TO SEE DEVELOPERS AND GOUGERS IN THE FOOD COUPON LINES WITH THE PEOPLE THEY DEFRAUDED. 26 MILLION FAMILIES ON FOOD COUPONS IN USA NOW, 60% white, YOU THINK THOSE FAMILIES WILL PAY 269,000 FOR YOUR 69,000 DOLLAR COST DEPRECIATED OVERTAXED ENROT PRICE INFLATED HOME?
NO. NOT IN A TRILLION LIGHT YEARS.

I see condos and houses sitting 2-3 years on the market and no buyers and very very very few lookers.

[Wild Style]

good read

link

[jay2007]

Good link, one thing is, gold and silver and platinum, I think will continue to appreciate, simply because investors have lost confidence in the banks. Old folks where I live sit in the bank lounge area drinking coffee and watch thier money all day, they remember the depression and do not trust the banks so they go sit and watch thier money all day drinking free bank coffee and eating the free cookies the bank sets out for them as bait to keep thier deposits in the bank.
It is up to paulsen now and since he wrote off 23 billion in bad loans that enrot crooks in banks made to enrot gouger developers, no telling what will happen to the banks. I can not figure why the banks wanted to decimate the housing markets, do they like writing off losses? selling homes at Auction for 10 cents on the dollar? Was this a deflation project? If so why not just set caps on rent house condo and tax and hoa and lot rental fees? Lassaie faire, unregulated, markets lead to unregulated price gouging, deceptive practice and fraud.
Affordable housing will sell, low cost housing will sell, inflated homes with inflated tax bills and inflated hoa or inflated lot fees will not sell until those homeowners lower thier taxes, hoa fees, land lot costs and list and sell at the appraised TRUE COST price, a 710,000 home did not sell at 226,000, did not sell at 169,000, it sold at 71,000 and taxes were lowered and adjusted accordingly as well as hoa fees and any lot rent fees.
The crooks and thier suckers inflated AERTIFICIALLY the values, so taxes and hoa fees must be lowered to reflect actual costs, not inflated fraudulent enrot costs.
Fraudulently inflated taxes, ins. hoa fees, and land rental fees will keep most homes condos and manufactured homes vacant and sitting empty.

[Wild Style]

jay

patience my friend. We will see the return of reasonable home prices of the next 2 yrs. Just sit back, get yourself some mint tea and enjoy the show.

[NY62]

Here is the latest data from the news press. is it turning in Lee ?? you be the judge.
( The number of Americans signing contracts to buy previously owned homes declined more than forecast in February, indicating the U.S. real-estate recession will extend into a third year, according to a report issued today.

In Lee County the reverse was true: there were 1,096 sales pending for single-family homes at the end of March — up 45.3 percent since the end of 2007, according to statistics released Monday by the Realtor Association of Greater Fort Myers and the Beach )

[SoFLGal]

Despite all of the talk of the recession, we have seen a 70% increase in sales in the past two months. We should know if we are on the upswing by July/August. A few months of increased sales is not a good indicator. I like to see at least six months. We're in the North Port/Port Charlotte area.

[hiknapster]

Originally Posted by NY62

In Lee County the reverse was true: there were 1,096 sales pending for single-family homes at the end of March — up 45.3 percent since the end of 2007, according to statistics released Monday by the Realtor Association of Greater Fort Myers and the Beach )

Pending is the key. Now they have to get financed.

But read that article very carefully. As a mortgage lender, can you see how that article is crafted? See what numbers are used and for what statistics?

Here's what I want to know: What are sales like in Lee County, as opposed to last year? I don't know, but I would love to knowl

Oh, here's the link before the link police come along.

Lee bucks downward national trend on home purchases | news-press.com | The News-Press

[SoFLGal]

Originally Posted by hiknapster

Pending is the key. Now they have to get financed.

But read that article very carefully. As a mortgage lender, can you see how that article is crafted? See what numbers are used and for what statistics?

Here's what I want to know: What are sales like in Lee County, as opposed to last year? I don't know, but I would love to knowl

Oh, here's the link before the link police come along.

Lee bucks downward national trend on home purchases | news-press.com | The News-Press

Very true--lots of contracts falling apart due to financing and then the home ends up being placed back on the market.