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Old 03-25-2008, 09:50 PM
SKB
 
Location: WPB
900 posts, read 3,498,582 times
Reputation: 331

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Quote:
Originally Posted by Stace08 View Post
PSJ is right, I just read a true surplus is when there are many more homes than there are buyers, and that is just not the case!

That gave me a jolly good chuckle tonight.
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Old 03-26-2008, 06:44 AM
 
Location: Philly to Odessa
436 posts, read 1,357,595 times
Reputation: 177
I know that the word out is that it will take a few years for this situation to go the other way. But, lets say, mold growth in Florida, I would worry that these empty homes would be prone to problems....or insects, etc. Who would want to buy them later on with already problems facing them?
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Old 03-26-2008, 07:19 AM
 
17,534 posts, read 39,131,539 times
Reputation: 24289
Vacant homes deteriorate very fast. If they sit too long they won't be worth much, a lot of the newer homes were just thrown together quickly and cheaply and will go down fast. I also have to wonder what will happen to all the cheapie "McMansions" that got built in recent years, and people either can't pay or don't want them anymore with the cost of energy becoming so expensive.

I think the trend of the future will be much smaller, efficient homes, overall.
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Old 03-26-2008, 07:29 AM
 
Location: Jax
8,200 posts, read 35,458,139 times
Reputation: 3443
Quote:
Originally Posted by gypsychic View Post

I think the trend of the future will be much smaller, efficient homes, overall.
I think so too. I think people are going to be less willing to take a chance on an untried neighborhood as well.
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Old 03-26-2008, 02:49 PM
 
Location: Ocala area in Central FL
627 posts, read 2,849,612 times
Reputation: 338
Wow, here we have a surplus and homes are not leasing out at a rapid pace... in fact, some have been for lease or "rent to own" for over 12 months in this area. Many are going into Foreclosure as well. I see allot of REO homes also.

Prices are dropping as well, so when they get to a realistic price, homes will move. What I mean by realistic is a home that was purchase in 2002 for $64900 is NOT worth $159900 today... in all reality is worth about $85K-maybe $90K. even with some minor remodeling (I do not mean additions or total guts, just maybe a kitchen & bath makeover and some small upgrades).

People that bought into the hype and or pulled lines of equity are the ones hurting... but only if they are trying to sell, if they intend to stay put for many years, then they are going to be OK.

Yes, in time things will gradually turn around, but I feel it may be like the recession that hit Florida in the late 70s and early 80s.
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Old 03-26-2008, 04:21 PM
 
Location: Philly to Odessa
436 posts, read 1,357,595 times
Reputation: 177
I didn't live in Florida during that time. What happened and how did Florida recover?
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Old 03-28-2008, 08:44 PM
 
213 posts, read 784,222 times
Reputation: 182
Cool #'s

The case for foreclosures. - By Steven E. Landsburg - Slate Magazine

not numbers, but a fair assessment.
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