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Old 10-13-2011, 07:01 AM
 
Location: Stone's throw from John's Creek
998 posts, read 746,073 times
Reputation: 692
Default Metro Orlando Foreclosures Up

Florida foreclosures: Rise in Florida foreclosures - OrlandoSentinel.com

If you're looking to buy, hold on a bit ... prices should come down even more.
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Old 10-13-2011, 08:01 AM
 
812 posts, read 672,411 times
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Quote:
Originally Posted by leftee View Post
Florida foreclosures: Rise in Florida foreclosures - OrlandoSentinel.com

If you're looking to buy, hold on a bit ... prices should come down even more.
Maybe you missed the part of the article that said:
Quote:
The additional distress sales may not push down local prices further, Blomquist said, because the market has been anticipating an increase in auctions and repossessions.
That being said, I honestly hope you are right.
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Old 10-13-2011, 08:04 AM
 
Location: Stone's throw from John's Creek
998 posts, read 746,073 times
Reputation: 692
Quote:
Originally Posted by TedTLPN View Post
Maybe you missed the part of the article that said:

That being said, I honestly hope you are right.
Maybe you missed this part of the article :

Orlando real-estate broker Chantal Gakwaya, who specializes in bank-owned properties, said the giant mortgage-backer Fannie Mae appears to be putting more and more foreclosed houses on the market at a time when the unemployment rate is so high that the pool of prospective homebuyers remains small.

"They are starting to dump them on the market, and the problem is that the buyers are not there," Gakwaya said. "Prices will keep coming down, and then, hopefully, things will turn around."


Get out your Ouiji board ...
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Old 10-13-2011, 08:43 AM
 
812 posts, read 672,411 times
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Quote:
Originally Posted by leftee View Post
Get out your Ouiji board ...
Maybe that's why I missed that point.. didn't have my glasses on and could have used the magnifier.
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Old 10-14-2011, 06:05 AM
 
Location: Central FL
1,383 posts, read 1,856,741 times
Reputation: 1151
We bought our first home west of Orlando in 2002. It was newly built, 1900 sf, 4 bedroom, 2 bath. Sold to us for $118,000. The going price now? $85,000. Prices in many areas are below what you paid for the place straight from the builder back in the day.

The scary thing is, once interest rates tick up again, we will see huge downward pressure on prices. (since your $1,200 monthly payment doesn't buy as much at 8% interest as it does at 4%)
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Old 10-17-2011, 07:27 AM
 
Location: Orlando
7,826 posts, read 6,522,100 times
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This really depends on the neighborhoods. In some areas the bottom was long ago reached and prices are on the rise.'
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Old 10-17-2011, 08:54 AM
 
Location: PA/FL/UT
1,293 posts, read 1,610,437 times
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Quote:
Originally Posted by MovedfromFL View Post
We bought our first home west of Orlando in 2002. It was newly built, 1900 sf, 4 bedroom, 2 bath. Sold to us for $118,000. The going price now? $85,000. Prices in many areas are below what you paid for the place straight from the builder back in the day.

The scary thing is, once interest rates tick up again, we will see huge downward pressure on prices. (since your $1,200 monthly payment doesn't buy as much at 8% interest as it does at 4%)
Our story is similar. We also bought our West Orange new construction in 2002 at $130k. We finally short-sold it for $92k in August. What a disaster that was.
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Old 10-17-2011, 09:38 AM
 
Location: Oveeder, FL
5,399 posts, read 5,378,338 times
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Our house went from $300k to $135k.
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Old 10-17-2011, 11:39 AM
 
Location: Amelia Island
1,680 posts, read 1,366,181 times
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Quote:
Originally Posted by sp2007 View Post
Our story is similar. We also bought our West Orange new construction in 2002 at $130k. We finally short-sold it for $92k in August. What a disaster that was.

WOW, I would have thought that 2002 prices were back far enough not to be affected. We have definitely retracted to 2004 here and it seems to be stagnant for now. There are a lot of those that are trapped though and have no way of selling unless they bring a good bit of cash with them to closing. The majority of these are from 2007-2009 sales.
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Old 10-17-2011, 12:21 PM
 
Location: Central FL
1,383 posts, read 1,856,741 times
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I have a friend who bought in a nice neighborhood in 2000 and her home is now worth less than she paid for it back then.
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