Again I ask is it really getting better? (Sarasota, Bradenton: sales, foreclosures)

[beerme1]

For every story that says hey we're selling more houses and things are looking up there is at least one of these on the very same day.
Local foreclosures, late rates keep rising - Business - BradentonHerald.com
You cant tell me that things are better when these numbers show otherwise from a year ago.

[Skunk Workz]

Originally Posted by beerme1

For every stiry that says hey we're selling more houses and things are looking up there is at least one of these on the very same day.
Local foreclosures, late rates keep rising - Business - BradentonHerald.com
You cant tell me that things are better when these numbers show otherwise from a year ago.

I don't think that foreclosures and sales are necessarily linked at this point. Even though there are still lots of people who are going through foreclosure, there are other groups that are buying houses.

My guess would be that a combination of the following is helping sales (all driven by the belief that the market is probably at the bottom): People that can afford more house than they currently have are moving up, investors are starting to purchase, and people from other areas that see this as a good time to get a retirement or vacation home.

We are at a place financially where we can afford more than we could 7 years ago when we bough this house. We could also afford more just by moving to a much newer home that's not in a flood zone.

If we weren't leaving next summer we'd definitely sell and move up to something nicer while the market is still low.

[keithhtt]

Originally Posted by beerme1

For every story that says hey we're selling more houses and things are looking up there is at least one of these on the very same day.
Local foreclosures, late rates keep rising - Business - BradentonHerald.com
You cant tell me that things are better when these numbers show otherwise from a year ago.

You will continue to hear 'good news' until at least after the Nov. elections. Consider who is in control of the media.

[davery5872]

Originally Posted by keithhtt

Consider who is in control of the media.

I'm so ticked off. They control the media? Rush, Beck, O'Reilly, Hannity... I guess you're right! Those right wing nuts will do anything to get elected!

[FauxPas]

Originally Posted by keithhtt

Consider who is in control of the media.

Too bad we can't vote them out, too.

[keithhtt]

Originally Posted by davery5872

I'm so ticked off. They control the media? Rush, Beck, O'Reilly, Hannity... I guess you're right! Those right wing nuts will do anything to get elected!

Don't forget Mark Levin!

[jimmyP]

Originally Posted by davery5872

I'm so ticked off. They control the media? Rush, Beck, O'Reilly, Hannity... I guess you're right! Those right wing nuts will do anything to get elected!

Kind of an intellectually lazy argument. 3 of the 4 are on the same station.

Try ABC, CBS, NBC, CNBC, MSNBC, NY Times, LA Times, Paul Krugman, NPR, CNN, and on and on for decidedly Obama/Dem lovefest. The media today in America would make Goebbels blush

[HenryHelmhazzard]

Yeesh. Wish people wouldn't turn everything into a partisan pouting match at every opportunity.

(* not the original word I used, figured it would get censored)

So... returning to the original question:

Originally Posted by beerme1

For every story that says hey we're selling more houses and things are looking up there is at least one of these on the very same day.
Local foreclosures, late rates keep rising - Business - BradentonHerald.com
You cant tell me that things are better when these numbers show otherwise from a year ago.

The problem with stats like that is that they don't paint a picture of the varying degrees of problems at different price points (locally or otherwise). From what I gather, the bottom for sub $150k homes in the region hit sometime late last year / early this year. Some of the support for that came from housing credit (now expired), and the usual low-money-down FNMA programs that seem destined to cause a repeat of the mortgage crisis. And of course the investors came out of the woodwork.

There was an article about the VP of Bank of America's OREO department stating that B of A related foreclosures would peak at the end of 2010, up 600% from their current monthly rate (something to the effect of 7500/mo currently, reaching 45,000/mo in Dec). That's bound to have serious price repercussions on the market once they are through the mill and compete with ordinary sellers. Granted, this is national, so hard to tell what impact this will have in the greater Sarasota/Bradenton/Venice market.

Last time I spoke to SoFLGal, I believe she said that the over $200k market was deader than dead (paraphrasing here), and the majority of sales were on the lower end of the scale.

Other bits and pieces I've picked up have stated that the $200-900k range has yet to really tumble - the banks and home owners have held out about as long as they could. Top of the roller coaster?

HHH

[davery5872]

Originally Posted by jimmyP

Kind of an intellectually lazy argument. 3 of the 4 are on the same station.

Try ABC, CBS, NBC, CNBC, MSNBC, NY Times, LA Times, Paul Krugman, NPR, CNN, and on and on for decidedly Obama/Dem lovefest. The media today in America would make Goebbels blush

I get so tired of the same old liberal media bias accusations. Just because someone doesn't agree with you, doesn't mean they are biased.

[beerme1]

Originally Posted by HenryHelmhazzard

Other bits and pieces I've picked up have stated that the $200-900k range has yet to really tumble - the banks and home owners have held out about as long as they could. Top of the roller coaster?

HHH

Wow. I have seen dramatic drops in prices on the 350K houses. I struggle to think that they have yet to really adjust. I completely understand your comments about the sub 150K market and as SoFLGal has been speaking that exact thought for some time now.
I am having trouble coming to grips with some of this now though. 6 months ago I would have said if you were looking at a 380K house you would get it with an offer of 330K. I actually dont think that applies anymore though. The same houses may still be on the market but have been lowered to lets say 360K and the sellers aren't coming off what they have reduced it by. So you may get that house for 350 but not 330. Unless maybe someone is desperate I guess.