[sillynilly]

You didn't have to be a ROCKET SCIENTIST to see this comming .We talked about this over 2 years ago . INCOME has not rose like the home PRICES who could afford the prices I feel home prices have to fall to where a buyer can afford a fix 30 year loan .

[firemed]

Originally Posted by sillynilly

You didn't have to be a ROCKET SCIENTIST to see this comming .We talked about this over 2 years ago . INCOME has not rose like the home PRICES who could afford the prices I feel home prices have to fall to where a buyer can afford a fix 30 year loan .

Nilly your not silly at all !!! You just hit the nail on the head with that post.

[waiting]

Originally Posted by sillynilly

You didn't have to be a ROCKET SCIENTIST to see this comming .We talked about this over 2 years ago . INCOME has not rose like the home PRICES who could afford the prices I feel home prices have to fall to where a buyer can afford a fix 30 year loan .

It's easy to armchair quarterback on Monday morning.
But at the time, the predictions were the bubble may or may not burst, especially in the Florida market.
That's the facts and I distinctly remember reading this from the experts
at the time.

[waiting]

Sarcasim. I was not wanting to argue with buyers or potential buyers.
I've been a buyer a few times, so obviously I know where you're coming from.
Buyers have been gloating and predicting doom and gloom for the future on this forum for some time and I can't and won't read thru all the posts.
I can easily find predictions that are hopeful and optomistic for the homeowner that eventually will sell.
Sometimes one must remove the negative around them.
Now, don't go off on a tirade about being realistic!
I truly understand where buyers are coming from. Back in 2003-2006 sellers were just as obnixious. It's money; it's nothing personal.

Who said you weren't sane!
Lighten up and enjoy the day!

[CJFlorida]

Originally Posted by waiting

It's easy to armchair quarterback on Monday morning.
But at the time, the predictions were the bubble may or may not burst, especially in the Florida market.
That's the facts and I distinctly remember reading this from the experts
at the time.

You keep saying Monday morning quaterbacking, crystal ball, etc. Like this is all so mysterious. I have told you several times, as have other posters, this was not a surprise, even a little bit.

Housing prices are dictated by fundamentals. Median income of an area and what you can rent a comparable house for are two of the major indicators.

There was nothing to support housing prices going up 100% while incomes stayed stagnant. The appraisers fudged the numbers and the lenders played the game to lend more money than housing was worth.

Every housing blog, NPR, and many average people have been saying for the last 5 years that there was nothing to support these prices and they would come back to fundamental values sooner or later. For everyone that got caught paying too much for a house, there were many of us who either sold at the peak and rented, or simply decided to wait out the phony boom. Lots of people I know easily saw through the hype.

Those "experts" you say you heard making predictions were real estate industry shills, not the numerous independent sources that the rest of us listened to.

You can hope and wish all you like but it is what it is. We are just barely into a long down cycle for Florida real estate. It will take 5 or more years to even approach the bottom.

I know you started this thread hoping for the opposite answers, but the truth is the truth. There is zero chance 2008 or 2009 will be sellers markets. Absolutely zero chance.

There is nothing personal going on here. It is simple economics. People can afford a certain percentage of their incomes to go toward housing. The real estate industry conspired to change the basic rules of lending and housng prices were inflated artificially. Now, the prices have to return to normal levels,supported by fundamentals. It has nothing to do with cocky buyers, scared sellers, or any emotions at all. It is economics, that is all. Some people made lots of money playing the game, other lost or will loss lots of money. But in the end, market fundamentals set prices, not sellers.

[CJFlorida]

Moderator cut: quote removed

Actually the complete original post was quite accurate. Top of the line coastal real estate is its own unique market. But through all the funny money antics of the last 5 years, many people did indeed pay $175,000 for $100,000 homes.

And the original poster also addressed all the new home builders giving huge incentives which makes it even tougher to sell a home 10 years old or more.

Now the rules of lending are rapidly changing and the market is correcting back to historic norms.

I think the original post was excellent.

[moving123456]

Originally Posted by waiting

Economist: Florida Housing Market Will Rebound in 2008-2009 - Florida Home Loan (http://www.floridahomeloan.com/2007/05/economist-florida-housing-market-will-rebound-in-2008-2009.html - broken link)

Look, I believe in a better future for home owners. You don't.

Prices going back down to affordable levels is a better future for home owners.

You believe in a better future for specuvestors.

[sillynilly]

I don't feel like an armchair quarterback on a monday morning .I sold my home 2 1/2 yrs ago as I said you didn't have to be a ROCKET SCIENTIST INCOME DIDN'T MATCH HOME PRICES It's ok.to feel different it's all good imho

[waiting]

[quote]

Originally Posted by CJFlorida

You keep saying Monday morning quaterbacking, crystal ball, etc. Like this is all so mysterious. I have told you several times, as have other posters, this was not a surprise, even a little bit.

I was responding to what sillynilly said ; this wasn't about what you said or didn't say.

I know you started this thread hoping for the opposite answers, but the truth is the truth. There is zero chance 2008 or 2009 will be sellers markets. Absolutely zero chance.

You realize of course, you have just predicted the future and believe there is no room of error in your predictions. Your talents are wasted here...

[waiting]

Originally Posted by sillynilly

I don't feel like an armchair quarterback on a monday morning .I sold my home 2 1/2 yrs ago as I said you didn't have to be a ROCKET SCIENTIST INCOME DIDN'T MATCH HOME PRICES .Also I am the master of my own ship .This way there's no one to blame I then have to look into myself if there's a problem . We all have the right to feel different it all good imho

We agree, sillynilly ; 2 1/2 years ago.! Sellers market woohoo, what
a crazy hazy, lazy time for sellers! No effort sales, not brain surgery!