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Mike Clayton
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Not enough.
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postman
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yun is what i call "a real estate locust"
housing will continue to go down because of
"affordability"
no one can force people to buy!
insurance and taxes alone are creating grief.
we have a long way to go to the bottom, if 85% of the population in south florida can afford a home!
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Ken
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Wait, I thought real estate has NEVER fallen nationally. Isn't "Real Estate values highly localized" according to NAR?
Wait, But its different in South Florida. There is only so much land, the baby boomers are coming, and the weather is perfect. Will NAR ever admit how wrong they were. All in the effort to push for that 6% commission and increase its membership.
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ga-nar
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gee, what a surprise.
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robert
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Ken wrote: Wait, I thought real estate has NEVER fallen nationally. Isn't "Real Estate values highly localized" according to NAR?
Wait, But its different in South Florida. There is only so much land, the baby boomers are coming, and the weather is perfect. Will NAR ever admit how wrong they were. All in the effort to push for that 6% commission and increase its membership. You evidentially know nothing about the history of real estate or what 6% commission actually consists of or what NAR projected price decreases across the board last year. Just another blowhole yelling about something he doesn’t know about. I love it things aren’t perfect and some uneducated ass thinks he knows what he’s talking about.
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Nimme
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postman wrote: insurance and taxes alone are creating grief. Insurance and taxes are not to blame. People bought based on monthly payment amount, NOT on the total cost of the loan. Heck, if it wasn't for the insurance and taxes, people would be stupid enough to pay even more for that house they cannot afford.
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The Kooch is Back
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Thanks for the breaking news. When will our taxes drop as a result?
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GTR
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Good but waiting for the S@it to hit the fan!There will be plenty more to come!
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lab-rat
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In related news, Florida is #1 in boating fatalities...
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Yippie
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This is soo funny to read about!!!$300x plus average price for houses here is nuts he he he,$200k is nuts too!!! Watch as housing prices continue to drop, sit back and watch the show! The average wage earner in south Florida is $7 an hour and a good wage is maybe $10 an hour. What goes up must come down he he he, soon you will see pre-1998 house prices again as house selling goes into panic selling prices and prices drop like a rock..
Sit back and keep watching the show as forclosures continue
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Only fools buy now
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If a house that sold for $500,000 five years ago is now "for sale" and not selling today for $800,000-$1,000,000 SOLELY because some scamming realtors, mortgage brokers and appraisers hatched schemes to artificially inflate prices to line their pockets...why would anyone in their right miond pay more than say $500,000 + maybe $20-$30 thousand more adjusted for inflation and a reasonable appreciation on the real estate value? Want to sell your home? Advertise it for what it was worth before the "Artificial" run-up and let buyers know that.
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taxpayer
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It is significant to note how every "realtor" is paying for tv ads telling the people "times have never been so good to buy a home". The problem is most people in South Florida can not afford the mortgage payments plus the taxes and home insurance. Homes were "affordable" when mortgage brokers were qualifying people, and banks were approving, loans without any income verification. The results are here today: millions of foreclosures for people who barely could afford a meager living. Salaries in Florida are low, while the cost of living is high. So it is dubious this is the best time to buy property. Perhaps in a couple of years when people have saved their 20% down and prices are more affordable. And, pay attention to the impending credit card debacle. It is looming in the horizon, just ask the average person on the street.
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Economist this
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``These are highly unusual results because there were very few jumbo loan originations in the latest quarter, so sales are much slower in high-cost areas, and at the same time foreclosures related to subprime mortgages rose........GOOBLY GOO! This is the same guy that said the turnaround would be here by the first quarter of 2008. What was "highly unusual" was the runup in prices the last four years. Dont buy now!
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say what now
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Yippie wrote: This is soo funny to read about!!!$300x plus average price for houses here is nuts he he he,$200k is nuts too!!! Watch as housing prices continue to drop, sit back and watch the show! The average wage earner in south Florida is $7 an hour and a good wage is maybe $10 an hour. What goes up must come down he he he, soon you will see pre-1998 house prices again as house selling goes into panic selling prices and prices drop like a rock..
Sit back and keep watching the show as forclosures continue Where do your wage stats come from? 1986? I made $7/hr when I was 16 in 1991. Made $10/hr by age 19 in 1994. I lived in Dade County.
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Warehoused Children
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robert wrote: <quoted text>
You evidentially know nothing about the history of real estate or what 6% commission actually consists of or what NAR projected price decreases across the board last year.
Just another blowhole yelling about something he doesn’t know about.
I love it things aren’t perfect and some uneducated ass thinks he knows what he’s talking about. A Realtor® calling someone else uneducated? This comes from a "profession" that requires nothing more than a GED and a weekend class? As a whole, there is no other "profession" that requires less training and less education than Realtors. Even barbers and nail technician require more training. And, they're not suppossed to assist consumer through the most significant fiancial transation most will make in a lifetime. The one good thing about this whole bubble is it will finally put a nail in the Realtor profession. No one will ever trust Realtors as whole again. Most consumers will start to realize that estate agents in the rest of the Western World only make 1% to 2% on transactions -- only American Realtors think they're worth 6%. Furthermroe, Internet technology will make their work completely obsolete. Realtors will go the way of travel agents, typewriter repairment, and farriers (my apologies the comparsion to those much more noble professions). By 2010, most Realtors will be back in food service where they belong.
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Warehoused Children
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How long before "ANOTHER DRIVE-BY MEDIA GANG BANG" or whatever his name is this thread will start posting that this is just a media-driven conspiracy to devalue real estate? Soon, afterwards, he'll answer his own post under a different username telling himself what a great post he made.
These threads are very predictible.
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Partyguy
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Affordability! Demographics! Reality check! Investors speculated and now they are getting burned. Take your hit and shut up. Move on or move out. Start a new life in Nevada. Who wants your 3/2 at 330,000, what a joke. 1998 prices coming back. Buyers- wait till after hurricane season before you go to any open house. Why buy in front of a possible CAT3-5, if a hurricane hits anywhere from TX to Maine, the RE market will get crushed. Insurance? Your on your own pal. Windstorm? Loosen up that belt around your pants.
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Just leave already
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As insurance and taxes continue to drop with home prices we will once again be an affordable state. Those who want to sell need to stop playing games and just drop your prices. There is pent up demand for homes but not at these prices. We have a long way to go.
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Say What
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Same old story for another year. If you bought at the peak, you`re stuck. If you bought before 2000 you should still be in good shape. If you sold at peak and bought elsewhere, prices are down nationally so you`ve probably lost on what you purchased and may be stuck in PSL or NC. The market will stabilize and increase again in my opinion.
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GTR
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All I praying is for this Swampland we call Florida is to get hit with an F5! Yeah baby, Bring it On! And remember folks...If your bought a house west of the Turnpike you live in the Everglades!
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Judge it!
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