[sillynilly]

you got that right

[nychiefsfan]

Originally Posted by HockeyMom72

The other MAJOR problem with all this is the fact that there simply are not enough BUYERS out there anymore. It is as dead as a doornail with prices failing through the basement and still nobody buying. We get that a friend who is a real estate broker. She hasn't sold anything in over a year.

There's a lot of potential buyers out there today, but not ones willing to pay what the seller is asking. Screw the seller! I can wait a lot longer than they can!

[seeriously]

Originally Posted by nychiefsfan

There's a lot of potential buyers out there today, but not ones willing to pay what the seller is asking. Screw the seller! I can wait a lot longer than they can!

There are a lot of lousy realtors in Florida who should be starving. They want 6 or 7% and they run an ad every month or so.

[Mike1306]

Originally Posted by verobeach

There are a lot of lousy realtors in Florida who should be starving. They want 6 or 7% and they run an ad every month or so.

There are a lot of lousy mechanics who should be starving.
There are a lot of lousy lawyers who should be starving.
There are a lot of lousy painters who should be starving.

What is your point?

[Mike1306]

Originally Posted by nychiefsfan

In May, the following people voted that the Florida housing bust would be over by the end of 2007:

ARTHANSEN
Beatrice Hankins
carebear1970
dudeman135
dunno
edugator
ff40184
FSUnole
kelly3120
kort677
Margel
mattvj5
Mike Peterson
mikeytots23
rp1946
rsqm3
sandbunne81
testatm

What are your current impressions of the housing slump and when do you think it will end?

The median price in Hernando County has been holding and inventory has also held steady.

Month........Homes Sold..........Median Price.........Days on Market

Jan 07 ............115................. $179,900 ..................112

Feb 07 ............129 .................$184,500...................115

Mar 07 ............ 161.................$184,875...................121

Apr 07 ............ 168 .................$181,900...................140

May 07 ............ 153.................$184,900...................103

Jun 07 .............154.................$179,000......... ..........131

Jul 07 ............152.................$179,560.......... .........126

Aug 07 ............ 142.................$174,700...................114

Sep 07.............. 99.................$180,628...................108

As always, you need to break it down by local areas. Some areas did not see the same increases as other areas so had alot less to come back to sustainable prices.

[Sunandsand]

Originally Posted by Mike Peterson

The median price in Hernando County has been holding and inventory has also held steady.

Month........Homes Sold..........Median Price.........Days on Market

Jan 07 ............115................. $179,900 ..................112

Feb 07 ............129 .................$184,500...................115

Mar 07 ............ 161.................$184,875...................121

Apr 07 ............ 168 .................$181,900...................140

May 07 ............ 153.................$184,900...................103

Jun 07 .............154.................$179,000......... ..........131

Jul 07 ............152.................$179,560.......... .........126

Aug 07 ............ 142.................$174,700...................114

Sep 07.............. 99.................$180,628...................108

As always, you need to break it down by local areas. Some areas did not see the same increases as other areas so had alot less to come back to sustainable prices.

Foreclosures filed in Hernando from the SP Times

Year Amount
2005 528
2006 728
2007* 1,143
*Year to date

A doubling of foreclosures in 2 years does not indicate the Hernando County market has reached bottom. Foreclosures will go over 1200 this year. How about next year as more people are pushed to the edge with rising food costs, gas prices, credit card debt, resetting mortgages? Who knows, we may see over 2000 more foreclosures in the county next year. That is a lot of houses the banks have to unload.

Days on market can be manipulated by pulling a listing and then relisting, median sale price can be manipulated by not counting give backs which are getting larger and larger, and inventory does not count people that have pulled listings, decided to rent out the house, or are trying for sale by owner.

Foreclosure numbers can not be manipulated. Common sense tells you that that trend does not bode well for Hernando County residential real estate.

[MrTudo]

Excellent response

[lostbuyer]

hey mike not trying to be rude,but how many properties have you sold this year vs. last or 05 for that matter?,just wondering.

[SKB]

Originally Posted by verobeach

Throughout history, there have always been sects of people who could not afford homes. That's just life.

Yes that once true before the run up, because banks didn't take leave of their senses and solid business practices of a 100+ years and and start approving anyone that could fog a mirror for an ARM/ interest only/ reverse/ no doc, toxic high risk mortgage. The run up changed everything and ANYONE could afford to buy a home because they had NO SKIN IN THIS. They were borrowing 100% from the bank.
That was the only way people were able to make purchases for 7Xs their income.

Most of the people that are now selling their homes could NOT afford to buy it at the price they expect to sell it for now that the window of stupidity has closed.

[SKB]

I think the buyers need to shoulder more blame, what ever happened to "buyer beware" Most people spend more time researching out their wide screen TV's than they did finding out what exactly they were signing off on.

How many people with small salaries actually believed they could afford to buy a home that cost them 7 times their yearly income?

When did people start thinking paying 200K++++ was normal and acceptable for a home?

What ever happened to saving up money for a down payment?

What ever happened to thinking a home is a place to live in instead of an investment opportunity?

I do blame realtors but, I think the real finger pointing should begin at the source, no one forced anyone to buy in this market.

Greed drove this pig and nothing else.