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FLAMINGO PARK QUEEN
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Avey wrote: <quoted text>
Unless you can show your membership in the Native American Tribe that lived in South Florida.. YOU are no more a native than everyone else that currently lives here. So sorry Miss Thing, I was born in South Florida. I am a NATIVE
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Oh Please
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You can always tell the posters who are realtors. They continually tell us, now is the right time to buy, the market has reached it's bottom, that there is no relationship to the average income to the cost of housing. Plain old common sense dictates that if there are not enough buyers who earn enough to qualify for a mortgage on these homes, eventually prices will drop until there is an equilibrium between wages and prices. Most of the posters here see this relationship, but inevitably some self serving realtor comes along and tries to convince us that we're all idiots and that we better buy now before prices go back up. It kind of makes you wonder where these realtors got their education and what qualifies them as experts. Any high school graduate who got a "C" in math class can figure this one out. And yes, I agree that insurance and taxes play a part, but as property values drop so do taxes and insurance since both are based on the homes value.
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Maryland
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qzone wrote: <quoted text>
3. People move and housing price crash to 1988 value.
Sorry, I am not stupid to buy in FL. The whole world now know the secret. You have to be brain-dead to move there and brain-dead to stay there. Period. . Your ISP is Maryland, my old home state. The climate is far better up there. Property near DC was never cheap but it is MUCH better built. Only thing about MD negative is the taxes. That said, it's a great state and glad you aren't planning to move to Florida.
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Ben Dover
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At least the price of something is coming down...
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Wooden Tooth
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oh ya, everyone thinks of the "climate" when they say Maryland. Maryland is known for endless sprawl, terrible traffic, and lots of pigs on that stretch on I-95. They wear like big grey hats and stuff. Real stupid.
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suck it
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just suck it
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Same News Every Month
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Every month there is an article comparing to same month/quarter in the prior year. Same story every time these articles are printed - big percentage decline. We already know that. How about letting us know what happened versus last month or last quarter - that information would be more relevant to determine when bottom hits so we can go out and buy. The way the news comes out, I am going to miss the bottom and end up buying after prices go up.
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Ken
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TOM wrote: Hey Ken first of all you are an idiot. Now that we got that in the open. Why is 100 degree weather so wonderful. Do you like 95 degree weather in the first week of may. i sure don't<quoted text> Wow Tom, Can you read... I just reiterated the realtor mantra. Why don't you re-read my post and try to understand sarcarsm, you are a true moron. Of course nobody likes 95 degree weather in may..
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CJames
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This is silly repeated news. This is only going to ne repeated again in another year. For as long as the economy is in recession with the bankruptcies and the gasoline prices soring there will be NO END IN SIGHT for the slump in the housing market. Guys don't even think of dreaming the purchase of that cheap home. It will only drop further then what? Try to gain any value in it, don't think so. Buy in the last 2 years or today and it will take at least six to seven years to see ANY gain in value. A friend bought property last year in Port Saint Lucie. He is having a terrible time paying for it now that he commutes all the way down to Broward. Gee he did not think about what IF the gas prices went up. That 2+ hour commute each way is now his death march to his finances. Funny thing is NOW prices in his original neighborhood are much less than Port Saint Lucie. With NO commute. What a b*itc*h.
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good ole boy
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MindNumbedRobot wrote: This is all Bush's fault It is Bush's fault for letting all these immigrants. Look at your tax bill, and try to argue that most of your taxes arent going to house and feed illegal immigrants.
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RIPPED OFF
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I'm praying for a big hurricane. Let the insurers who have ripped us off for years pay off my house. Come on baby!
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RIPPED OFF
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By the way the town is wrong... I live in Lake Worthless.
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Edgumakkated
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Nimme wrote: <quoted text>
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. On the contrary... there are only 3 elements to the what you pay: taxes (with ever increasing rates); insurance (pitifully managed in FL); and price (the only thing you can control). With taxes and insurance what they are people can not afford what sellers have been asking. Price is the only true variable.
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Edgumakkated
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Sean T Wright wrote: <quoted text>
Very on the money post, I only disagree on one thing. I still think we need to see prices come down a little more. Credit needs to get more balanced too.
I actually downsized my life sometime ago. Now, I save huge amounts of money every month. I would actually say that I am happier now. I think it makes you appreciate other things in life too.
Your post in theory was the way it was done in the past, financially smart. I don't buy anything unless its outright or 50% down. I save so much on interest that way. Only problem is the credit agencies count that against you too. Not that I care, but I find it funny it works like that.
Anyway, sound advise. Hope some here will take it. I don't buy substandard overpriced assets. I can buy anything I want but it won't be in FL for many years to come. Can't even get a crap-ass condo to cash flow after all the Hoes get their cut.
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good ole boy
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Listen, all of the new Miami condos, are nothing more than condos ready to be flipped into public housing for Cuban immigrants who will move to Miami once Fidel dies. Build up tens of thousands of condos. Price them $400,000 to a $750,000 making them unaffordable for most Southfloridans. And then let the whole housing market collapse. Then start turning those fancy condos into publican housing. This whole Miami ponzi scheme was just the Miami Cuban politicians underhanded way of having public housing built and available for their Cuban brothers and sisters who will be arriving shortly in Miami.
I wouldnt take a condo or home in Southflorida, if they gave it to me.
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Oh Boy
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Warehoused Children wrote: <quoted text>
A RealtorŪ 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. If that is so, where are the HomeDiscoveries and ExpertRealty?(the discount real estate companies) They charged 1% and 2.5%! I guess their real value is now known.
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Diplomate
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"Food prep and serving related occupations is $8.49"
So a few hundred thousands of people work for that wage in south Florida.
Lets look at the numbers:
$8.5*40hrs/week=$17'000 a year.
With a two earner household that would be $35'000 and probably $28k after taxes/ss/unemp.
3.5 * 28k =$98'000 house.
It was not hard to find a cheap little 2/2 for that 12 yrs ago.
Wages have not gone up in Florida for 20 yrs, but housing costs have tripled.
Something have to give, people starting to shack up.
3 families in one house.
The stress of living that crowded is not good for anyone's health.
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syl20
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I am so happy to see people foreclosure, I feel sad but happy because are not smart enough to know what are all the expense and also people the past few years taught they all became rich, now reality sets in
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Ridiculous
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syl20 wrote: I am so happy to see people foreclosure, I feel sad but happy because are not smart enough to know what are all the expense and also people the past few years taught they all became rich, now reality sets in Quite horrible spelling and grammar. Although you can slowly get through it and figure out what you mean, that is a really bad post. If you are that poorly educated as well as full of begrudgement, that would explain you. That market IS a problem, however, and yes it IS because of stupid, low income people thinking they had the right to purchase and live in homes that you really need a six figure income to afford.
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Ridiculous
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Diplomate wrote: "Food prep and serving related occupations is $8.49"
So a few hundred thousands of people work for that wage in south Florida.
Lets look at the numbers:
$8.5*40hrs/week=$17'000 a year.
With a two earner household that would be $35'000 and probably $28k after taxes/ss/unemp.
3.5 * 28k =$98'000 house.
It was not hard to find a cheap little 2/2 for that 12 yrs ago.
Wages have not gone up in Florida for 20 yrs, but housing costs have tripled.
Something have to give, people starting to shack up.
3 families in one house.
The stress of living that crowded is not good for anyone's health. That is why if you are intelligent enough to understand that you will be an adult after 18 short years and that means being financially responsible, that you need an education and a real job/career.$8/hour is ridiculous for any adult to settle for and THINK that they have any right to owning a home at some point. Not on pay like that and you certainly don't deservice a lot of money for little jobs that would normally be filled by students or new immigrants. Home ownership is for people with money.
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Judge it!
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