[floridaorbust]

Some of the threads I have read stated that it is not a good time to buy a home in FL. I would think it is. With the influx of homes on the market. Some foreclosure/short sale and some not.
I have also read that the market has not hit bottom? Is that true. Mainly looking at Brevard county and IRC. thanks

[Wild Style]

Anyone telling you that its about to hit bottom doesn't know what they are talking about. Same goes for anyone telling you its the time to buy. Very few on here seemed to understand what was going on in the housing market. I would do my own research if I were you. Home prices will be falling for a long time to come and subprime was just the TIP of the iceberg. 2009 and forward is going to be ugly. Not only do you have near prime and prime adjustable rate mortgages resetting next year. Also they are predicting job loses in or around 1 million per month. So that means people who had regular mortgages will most likely be defaulting as well. This is a unpresidented and sad time we are in.

[floridaorbust]

wow, now I'm really depressed Is there any "good" news. I am being realistic. But I also tend to see the glass half full. Yes, it still hasn't hit the fan so to speak. But this is what happens when people purhcase what they can't afford.

[SoFLGal]

Not sure if you saw the story last night on 60 Minutes. They covered some very interesting points. Here's a link to the story:
http://www.cbsnews.com/stories/2008/12/12/60minutes/main4666112.shtml

They are talking about all of the Alt A and option ARM mortgages that will be adjusting. From what the economists are saying it may be several years until "the bottom" is finally reached.

[Wild Style]

Originally Posted by SoFLGal

Not sure if you saw the story last night on 60 Minutes. They covered some very interesting points. Here's a link to the story:
http://www.cbsnews.com/stories/2008/12/12/60minutes/main4666112.shtml

They are talking about all of the Alt A and option ARM mortgages that will be adjusting. From what the economists are saying it may be several years until "the bottom" is finally reached.

It usually takes as much time to burst as it did to build up. This thing started in 1998 and ended in 2007/8 (depending on the market being referenced.)

[bale002]

Originally Posted by SoFLGal

Not sure if you saw the story last night on 60 Minutes. They covered some very interesting points. Here's a link to the story:
http://www.cbsnews.com/stories/2008/12/12/60minutes/main4666112.shtml

They are talking about all of the Alt A and option ARM mortgages that will be adjusting. From what the economists are saying it may be several years until "the bottom" is finally reached.

Not only may the bottom not be reached until around 2010, prices may bounce along the bottom for ten, even twenty, years, the time it may take for the current insanity to fade in living memory and another generation of pathological idiots to take over the banking system.

And many of us here on the Florida forum do not need the idiots from CBS to tell us that.

[JimMe]

Originally Posted by floridaorbust

Some of the threads I have read stated that it is not a good time to buy a home in FL. I would think it is. With the influx of homes on the market. Some foreclosure/short sale and some not.
I have also read that the market has not hit bottom? Is that true. Mainly looking at Brevard county and IRC. thanks

There are two ways of looking at this. If you're looking for real estate in general and aren't settled on a particular town or neighborhood then you may want to wait and see what the market does in the next six months or so. Even if the market has reached the bottom the glut of houses on the market ensures that prices will not increase substantially, if at all, in that period of time. On the other hand if your heart is set on a particular property that is already on the market, it is probably at the bottom (or close to it) for that house. It's ultimate selling price will be determined by the prospective buyer and the seller more than the general real estate market. If you're ready to move now is the time to buy. If you're not ready then it may be inadvisable to buy even if the prices are tempting. You'll find another thread a week or two ago that was asking the same question: buy now or later. The "later" for him was 8 years away and he got a lot of good advice on that score. You might want to check it out.

[Huckleberry3911948]

no, wait 12 months. they want you to think its at bottom.

[floridaorbust]

We still need to sale our home here in Ohio. Time is on our side. Just wondered what you all have been hearing in FL. The good thing is we are not in a hurry.