[jbravo]

One example:

Originally Posted by Prichard

House prices dropping 3 to 5%? I wouldn't call this a crash. In fact, it's not even called a "correction" until prices drop at least 10%. A crash is where prices are dropping well in excess of 20%.

Replies:


The Sun Sentinel. “Palm Beach County’s median price in March was $375,100, down 5 percent from $393,700 a year ago. March home sales fell by 22 in Palm Beach County and 25 percent in Broward.”

“Delray Beach-based housing consultant David Levin said prices will continue fluctuating, with the downturn likely to continue for the balance of 2007. ‘There’s still nothing that says otherwise,’ he said.”

The Palm Beach Post. “The Treasure Coast posted the biggest drop in single-family sales last month, 41 percent year over year, as the housing boom continue to deflate.”

“Palm Beach County single-family home sales posted a total of 725 single-family homes sold in March, compared with 929 in March 2006, a 22 percent drop.”

“Prices also continued their precipitous drop in both markets - and in some categories the drop was bigger than the U.S. sales decline in March. The median price of a single-family home in the Treasure Coast fell 7 percent, to $239,700 from $$258,000 in March 2006, FAR said.”

“In Palm Beach County, the median price of a single-family home fell 5 percent, to $375,100 from $393,700 a year ago, FAR said.”

“Higher condo prices are due in large part to the crazy speculation in the condo market that drove prices up during the five-year housing boom that came to a screeching halt last year. Now those speculative buyers are trying to get their money back, at the least, a task made more difficult because of huge inventories.”

The News Press. “The median price of an existing single-family home sold in Lee County fell 5 percent to $268,000 in March from $281,300 a year ago, according to FAR. The number of existing-home sales dropped 33 percent in March to 636, down from 955 a year ago.”

“In Charlotte County, the price fell 14 percent to $193,000 from $224,700 a year ago while the number of sales fell 25 percent from 315 to 237.”

From Bizjournal. “In Tampa Bay,h only 2,502 homes sold, or 38 percent fewer than in March 2006.”

“Prices continue to plunge as well, with the median price in the state falling 4 percent to $236,000, while in Tampa Bay, the median price dropped 4 percent to $209,700, the lowest price since June 2005.”

“It was the best of times and the worst of times in the Treasure Coast last month as falling home prices and rising mortgage payments pushed hundreds of homeowners into foreclosure.”

“A total of 370 households in St. Lucie County entered some stage of mortgage default, the worst foreclosure record in the tri-county Treasure Coast region in March, and a startling 444 percent increase over March of 2006, according to RealtyTrac.”

“‘Overburdened homeowners simply can’t catch a break in this real estate market,’ said anslyst Mike Larson. ‘Home sales are down by double digits, home prices are stagnant or falling, and home inventories are through the roof.’”

“Tightened lending standards make it impossible for many troubled debtors to refinance at better terms. That’s a recipe not just for rising foreclosures but also for soaring inventory. Indeed, Palm Beach County has a 21-month supply of unsold homes, according to HomeDiscovery.com.”

“Florida ranked No. 2 in the nation for total number of foreclosures filed in March, 14,303, behind California’s stunning 31,434 filings, according to RealtyTrac.”

“In other Florida counties, Broward posted a 62 percent increase in foreclosures year over year, while Miami-Dade saw foreclosures nearly double in March, to 2,823 from 1,434 in March 2006, according to RealtyTrac.”

The Ledger. “A national title company and a jilted business partner have filed lawsuits totaling $825,000 against Independent Title Agency LLC in Lakeland, its owner and her husband.”

“Among the allegations are that the couple used escrow funds to purchase three real estate properties, a 2005 BMW Coupe, a 2005 Hummer H2, a 2004 Ford F-250 pickup and a travel trailer.”

“When the housing market goes cold, trouble heats up in the title industry, said Jim Smith, VP for Stewart Title Guarantee in Orlando. ‘It happens in typically hard times in the industry. I know of about 10 to 15 (cases) that have happened in the last 12 to 18 months (in Florida). And we are in a down market right now.’”

“‘It’s when the flow (of money) is low and the checks bounce,’ Smith said. ‘That’s when a lot of them come to light.’”

“”In February, Polk County’s home sales totaled 334, a 25 percent drop from 447 sold in February 2006. The decline in sales has been an ongoing local trend for the past nine months.”