[Chrome Microphone]

Top 5 Places With Fast-Falling Home Prices http://realestate.yahoo.com/promo/ho...mVhbC1lc3RhdGU-

1. Orlando, Fla.
(Orlando-Kissimmee metro area)
Price correction necessary: 48%
Median income: $36,330
Median home price: $175,200
Unemployment rate: 9.7%
Projected bottom: June 2011
2. Miami, Fla.
(Miami-Fort Lauderdale-Pompano Beach metro area)
Price correction necessary: 53%
Median income: $39,350
Median home price: $234,200
Unemployment rate: 8.2%
Projected bottom: June 2011
3. Jacksonville, Fla.
(Jacksonville metro area)
Price correction necessary: 39%
Median income: $37,690
Median home price: $160,700
Unemployment rate: 9.2%
Projected bottom: June 2011
4. Tampa, Fla.
(Tampa-St. Petersburg-Clearwater metro area)
Price correction necessary: 36%
Median income: $37,530
Median home price: $151,500
Unemployment rate: 10.2%
Projected bottom: December 2010
5. Los Angeles, Calif.
(Los Angeles-Long Beach-Santa Ana metro area)
Price correction necessary: 29%
Median income: $45,390
Median home price: $354,300
Unemployment rate: 10.2%
Projected bottom: March 2010

My question is, what the HELL (excuse my French) are the people who live in these areas supposed to do with their homes that they are trying to sell that they owe too much on??? I have a great job offer in the ATL burbs, I am supposed to not take it b/c my house is worth $50k less than we owe on it? Is Obama gonna help people that PAY THEIR MORTGAGE refinance and get out of this mess???

[stevehawk]

That's why there will be tremenous opportunity in Florida when this thing settles.

[doggiebus]

Hate to say it, but we have all learned a lesson, that even real estate is a risk. When you bought we all knew that prices were inflated (if you didn't I don't know what rock you were under) and that the lending that was happening wasn't right, and eventually would come back around to bite people in the ass. I shock my head when people bought homes in 04-06. On the bright side, eventually the prices will stabilize and increase again. That can take awhile though.

I read that article, I don't think South Florida will fall another 50% the article says (that would take it back to 2000 pricing), I spoke to someone today and they too disagree with this article. We will see who is right in a few years. Can you rent your place out for a few years maybe?

BTW I was looking at a house in ATL and when I looked at what they payed for it in 2004 it was 10k less than what they have it on the market for today. I have a friend that had to move her whole family out of the state for a job, their house is on the market at their lowest price. They will not go any lower, if it doesn't sell it will sit empty till the market comes back, because they will not sell it for more than they owe. They are lucky enough to be in this position to afford to mortgages though.

[TANaples]

Originally Posted by doggiebus

Hate to say it, but we have all learned a lesson, that even real estate is a risk. When you bought we all knew that prices were inflated (if you didn't I don't know what rock you were under) and that the lending that was happening wasn't right, and eventually would come back around to bite people in the ass. I shock my head when people bought homes in 04-06. On the bright side, eventually the prices will stabilize and increase again. That can take awhile though.

I read that article, I don't think South Florida will fall another 50% the article says (that would take it back to 2000 pricing), I spoke to someone today and they too disagree with this article. We will see who is right in a few years. Can you rent your place out for a few years maybe?

BTW I was looking at a house in ATL and when I looked at what they payed for it in 2004 it was 10k less than what they have it on the market for today. I have a friend that had to move her whole family out of the state for a job, their house is on the market at their lowest price. They will not go any lower, if it doesn't sell it will sit empty till the market comes back, because they will not sell it for more than they owe. They are lucky enough to be in this position to afford to mortgages though.

We bought a house and moved out of the condo my husband bought in 2005. We tried to rent it the first year but couldn't. Of course, we couldn't sell it either. We went to an accountant for our 2008 taxes. Did you live in the condo in 2008? No. Where you able to rent it in 2008? Nope. Deduct 12 months of rent loss in 2008 (business loss). Did this condo depreciate in value in 2008? DUH? $50,000 Depreciation of Business Real Property (again BUSINESS loss). All this because we did not actually LIVE in this condo.

When my husband bought this in 2005 he paid $170,000 (crazy in my opinion). Right now in short sales other units are going for $80,000. That is about $15,000 more than the original owners paid for them in 1984. Many of these units have been completely modernized (stainless steel, granite, etc.) and are still going for under $100,000. You want BAD?

I didn't ask the accoutant but I am wondering now, IF we can sell at half of what we paid for this, could this too be considered a business liquidation loss? Maybe. We will have to investigate, since this condo has to be sold sooner rather than later. We don't want to have to sell TWO places when the time comes for us to move out of Florida.

I don't even want to think about what selling the house will be like, but in 5 years who knows? We would be just happy to break even with this one at end of 2007 prices.

I posted this on behalf of others saying they were moving out of state and couldn't sell their Florida property. Talk to an accountant. Maybe there is a way out, at least temporarily.

[Chrome Microphone]

I paid $100k less than value in 2006. But I worked for the Developer, so I got a good deal. Now, it's worth about 50k less than what we owe on it. All these ppl are getting bailed out and whatnot, how about the people who need or want to move northward to GA or NC, but cant b/c they cant take a 50k loss? And we pay our mortgage unlike a lot of people!

[Laughter]

We purchased a new home in 2005 in north FL for $423,500 and just signed a contract offer of $335,000. We put down a large down payment when we bought and paid down our principal over the years. Job offer in another area was the reason for us to sell. The upkeep of insurance, lawn care, utilities, taxes and the continued falling value is the reason we decided to sell. Renting wasnt an option from all the horror stories we have heard about renting. Lesson learned for us is to never pay down our mortage and put our extra cash in whatever is the safe investment of the time.

I know some home owners wrote a check to the mortgage company after selling their home to cover the amount that was under water.

[compelled to reply]

Originally Posted by Chrome Microphone

All these ppl are getting bailed out and whatnot, how about the people who need or want to move northward to GA or NC, but cant b/c they cant take a 50k loss?

I agree, I think Obama should definitely have a taxpayer-supported malcontent Floridian relocation program.

[Sunny-Days-in-Florida]

Originally Posted by stevehawk

That's why there will be tremenous opportunity in Florida when this thing settles.

I agree. This is a positive sign for Florida.

Now put Florida at the top of any list that has OVER INFLATED prices to begin with and you will see why some people call it a negative.

Prices are not falling for no reason other then they were way to high to begin with.

We need to realize that people over paid for many homes in Florida and as long as there are sucker buyers willing to over pay for homes then you will in the end see the prices come back to earth!

Sure you will sell your home for 2-3 times its real value, then the sucker who bought it will lose it in time. But in Florida some bashers believe it is a huge negative they can spew, when in fact it is actually a positive for people like me who will come in and clean up the mess and buy it for the real price.

With that said, I see Florida as being THE PLACE to buy property as you can buy 250k homes right now for 125-150. ( and using the real value this time !)

Sorry but the majority people who lost money on their homes or lost their homes paid way to much for them to begin with. Its just the facts.

So finally:

FLORIDA HOMES ARE BEGINNING TO GET BACK TO THE REAL VALUES


To answer you last question - NO AND YES

NO -Your President is a person who loves to reward people who have made mistakes.

Handing money to corporations ( remember he hates them ! right.) to bail them out of their mistakes and will be helping those people who have low incomes save their homes but not you Chrome.

So we are going to reward those CEO's with more money and help those people who are low income and have poor credit save their homes but if you are in the middle, no way will he be helping you.

YES- You are going to get a tax cut soon, your check will go up weekly and it will be called a tax break by Obama. What he fails to tell you is everything under the sun now needs to have the tax raised on it to pay for that (break) and for his spending problems. So there goes your tax break he promised you right out the window, you are now in a hole when he is done with you.

There is a way out folks- Remember our honorable supreme court justices on the left who voted to give the government eminent domain rights to steal your property right out from under you a couple years ago? Well maybe they can come in and toss the constitution aside and steal your property from you!

[Sunny-Days-in-Florida]

Originally Posted by TANaples

We bought a house and moved out of the condo my husband bought in 2005. We tried to rent it the first year but couldn't. Of course, we couldn't sell it either. We went to an accountant for our 2008 taxes. Did you live in the condo in 2008? No. Where you able to rent it in 2008? Nope. Deduct 12 months of rent loss in 2008 (business loss). Did this condo depreciate in value in 2008? DUH? $50,000 Depreciation of Business Real Property (again BUSINESS loss). All this because we did not actually LIVE in this condo.

When my husband bought this in 2005 he paid $170,000 (crazy in my opinion). Right now in short sales other units are going for $80,000. That is about $15,000 more than the original owners paid for them in 1984. Many of these units have been completely modernized (stainless steel, granite, etc.) and are still going for under $100,000. You want BAD?

I didn't ask the accoutant but I am wondering now, IF we can sell at half of what we paid for this, could this too be considered a business liquidation loss? Maybe. We will have to investigate, since this condo has to be sold sooner rather than later. We don't want to have to sell TWO places when the time comes for us to move out of Florida.

I don't even want to think about what selling the house will be like, but in 5 years who knows? We would be just happy to break even with this one at end of 2007 prices.

I posted this on behalf of others saying they were moving out of state and couldn't sell their Florida property. Talk to an accountant. Maybe there is a way out, at least temporarily.

Most laws state that to write any RENTAL or INCOME property off you had to RENT the property and be collecting rents or income or you cannot write it off as a loss.

Have him check into the Florida law as in Ohio if you did not rent the home you cannot deduct it. It has nothing to do with whether you can or not either.

[Chrome Microphone]

Originally Posted by compelled to reply

I agree, I think Obama should definitely have a taxpayer-supported malcontent Floridian relocation program.

No, I'm saying you got all these bail-outs and whatnot for people that got in over their head and now they want to get bailed out! How about the people that CAN and ARE paying their mortgage and want to relocate and cant, but all these other ppl who bought a house too expensive (and they know they shouldnt have bought) can get support and refinance? That's what I'm talking about.