It's real estate bottomed out and rebounding in this area of Florida? (mortgage, credit card)

[yellowsky]

This is just from my observations from watching the market in PC and NP for the last four years. North Port, May 2009 there were more than a thousand houses for sale under $130K. We were in the market for a house at that time so I kept careful track of the trend.
Today on the My Florida Homes site for the same area there are 362 in all price ranges.
Also there are a lot of older houses for sale in this market (1980/90's) as opposed to what was available in 2009.
It looks like an improvement to me but perhaps not for the people looking to buy. Friends who wanted to buy a house have opted to build instead as the price of lots is still low though increasing a tad.

[IamCheap]

Originally Posted by downthrust

I think you will see a slow down in these international investors very soon... The us dollar will keep increasing in value as europe breaks apart.. Just look at the last week..europe has MUCH more pain to come.. Investors world wide will flock to the dollar.

OTOH, tanking stock markets might steer more investors into realestate.

[downthrust]

Everybody should take note of this.. Look at the shadow inventory..wow! And people honestly think the housing market is recovering? Jeezzzz...

http://www.zerohedge.com/news/will-a...te-infographic

This guy in the comments section of the above article has it absolutely correct...

"When are people gonna wake up and see it's all about creating more debt.

More debt is more business for banks. Bankers make money from loan fees and interest. Then they make more money from the securitization process.

In the last decade housing was the chosen way to create more debt. I say "chosen" because everybody at the Fed and everybody in congress was in on it. Fed made lots of credit availabe and congress forced banks to relax their lending standards to the point where anyone with a pulse could get a mortgage on a $500,000 home.

Banks made boatloads of money from fees and subprime interest, then turned around and made boatloads more money on the securitization side, a brand new thing last decade that doubled or tripled what banks made from those loans and created the biggest securities trading boom in 40 years.

...until it all blew up in '08 when mortgages started defaulting like crazy and all the lending fraud was discovered.

It was the biggest securities crash in 40 years, nearly bringing the American financial system down.

During the housing debt boom home prices were bid up to crazy levels. Those prices have to come back down now to 2000 levels before any sort of recovery can begin.

Then they have drop another 50% to get in line with an economy that has collapsed 50%.

This decade the big debt boom is sovereign debt. But only big banks can play that game, and sure enough, big Wall street banks and making boatloads of money trading sovereign debt securities (after being bailed out when all their housing debt securites collapsed).

And yes that sovereign debt bubble is gonna collapse too. It already collapsed on MF Global (and cost account holders a billion dollars). Now it's collapsing on JP Morgan, costing them a couple billion dollars (passed on to taxpayers no doubt). Now Greece is fixing to leave the EU and all their bonds are gonna collapse, and it'll start the dominoes falling, then the whole EU thing will collapse and trillions of euros of sovereign bonds will all come crashing down.

It'll spook markets so bad everybody suddenly loses faith in America's $16 trillion of debt bonds floating around out there and they all collapse.

All these debt bubbles collapse sooner or later.

When they collapse, prices that were bid up in the bubble collapse back down to pre-bubble levels.

In the case of housing, banks real estate agents and screwed underwater homeowners are trying to prevent that price collapse.

They're gonna fail. Supply and demand market forces are way too strong. Demand for bubble-priced homes has dried up, and prices WILL come down one way or another.

Sure, banks can keep boatloads of foreclosed homes off the market a while. But those empty homes keep losing value as time goes along from not being occupied and maintained. You're watching the value of your inventory drop further and you'll take bigger losses, so whatever, go ahead, keep 'em off the market, you're gonna lose either way.

Now banks are desparately trying to keep trillions of dollars and euros of sovereign bonds from collapsing. It ain't gonna work either, especially with Greece starting the dominoes falling.

Debt bubbles always collapse sooner or later. Always.

You think financial people would figure that out after a while and stop doing these debt bubbles.

But they're too greedy and shortsighted unfortunately."

[Ragnar]

Originally Posted by downthrust

This decade the big debt boom is sovereign debt. But only big banks can play that game, and sure enough, big Wall street banks and making boatloads of money trading sovereign debt securities (after being bailed out when all their housing debt securites collapsed).

For those of us who don't know all of the lingo on this stuff, what exactly is "sovereign debt?"

[downthrust]

it means 'country's debt'. Such as USA debt or Spain debt, etc.

[Ragnar]

Originally Posted by downthrust

it means 'country's debt'. Such as USA debt or Spain debt, etc.

That makes sense. Thanks!

[alfbroker]

Florida real estate took one of the worst hits when the recession first happened. It has bottomed in most areas and is on it's way back up, especially SWFL because that's where the best combination of low prices and low crime are. Other states that fared better when the recession 1rst hit are now still experiencing slow, minimal price declines. I was negative on buying anything in FL since late 2006, but the bottom was hit in SWFL last year and in my opinion you can't go wrong buying just about anything from Naples to Sarasota. In 5 years you'll be glad you did.

[bbronston]

Interesting article on he local market in today's paper:
Lakewood Ranch, Gulf Gate and Siesta Key stand out in real estate rebound | HeraldTribune.com

[downthrust]

You guys continue to keep ignoring what is happening in the financial world today..

Yes I agree you are seeing a little rebound right now, I feel very strongly this is only temporary....but please answer me this..

1.) What direction do you believe interest rates will be heading in 5 years?

2.) WHO is going to buy all the baby boomers homes over the next 10 years? How do the baby boomers buy a retirement home in florida if they can't unload their mcmansions?

3.) Shawdow inventory.. What happens when this starts to unload on the market?

I'm afraid that folks here and throughout this country are being so niave to the financial headwinds coming our way..

Look at the stock market.. It can NOT hold up without free printed Bernanke money.. We keep printing, interest rates will only spike much higher and much faster as soon as the world rejects buying anymore of our debt. Look at Europe.. That's what's coming here to the states folks..please wake up.

[FLSnowbirds]

Originally Posted by downthrust

You guys continue to keep ignoring what is happening in the financial world today..

Yes I agree you are seeing a little rebound right now, I feel very strongly this is only temporary....but please answer me this..

1.) What direction do you believe interest rates will be heading in 5 years?

2.) WHO is going to buy all the baby boomers homes over the next 10 years? How do the baby boomers buy a retirement home in florida if they can't unload their mcmansions?

3.) Shawdow inventory.. What happens when this starts to unload on the market?

I'm afraid that folks here and throughout this country are being so niave to the financial headwinds coming our way..

Look at the stock market.. It can NOT hold up without free printed Bernanke money.. We keep printing, interest rates will only spike much higher and much faster as soon as the world rejects buying anymore of our debt. Look at Europe.. That's what's coming here to the states folks..please wake up.

You may be right in specific areas with in specific communities. But what you have been saying isn't true in many areas of Sarasota right now.

Real Estate Outlook - Sarasota & Manatee Counties April 2012 | RE/MAX Alliance Group Blog