Orlando home prices buck U.S.

Home prices fell in about half of the nation's metro markets and throughout much of Florida in the fourth quarter, but the Orlando market posted a slight increase from the same period a year earlier, surveys ... Full Story
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chuck ornellas

United States

#1 Feb 16, 2007
i have to wonder where wayne archer gets his numbers.

people in orlando with houses/condos that need them sold or rented can't do either.

jobs.......too funny. 8 bucks a hour jobs are everywhere. the real question is can 8 bucks afford a house/condo ($249,000), or gas at $2.25 a gallon?

archer needs to get real or get one of those $8.00 an hour jobs.
Chris

Orlando, FL

#2 Feb 16, 2007
hmmm doesn't sound like that bubble has popped yet.
oh well prices would have to drop pretty far to reach what I bought my house for 4 years ago.
s and d

Miami, FL

#3 Feb 16, 2007
chuck ornellas wrote:
i have to wonder where wayne archer gets his numbers.
people in orlando with houses/condos that need them sold or rented can't do either.
jobs.......too funny. 8 bucks a hour jobs are everywhere. the real question is can 8 bucks afford a house/condo ($249,000), or gas at $2.25 a gallon?
archer needs to get real or get one of those $8.00 an hour jobs.
People making barely above minimum wage don't buy median-priced homes hardly anywhere. But lots of people must have the ability to buy $200k homes in Orlando, otherwise prices would be lower. Simple supply and demand.
wafflehutguy

Ormond Beach, FL

#4 Feb 16, 2007
s and d wrote:
<quoted text>
People making barely above minimum wage don't buy median-priced homes hardly anywhere. But lots of people must have the ability to buy $200k homes in Orlando, otherwise prices would be lower. Simple supply and demand.
nope - it's questionable sub prime loans and they're coming back to bite us...
People complaining

Pleasanton, CA

#5 Feb 16, 2007
Most of these articles are posted with comments from renters and dooms day prophets. I know it must suck to not own a home and have missed the boat on the best home appreciation run-up in US history, but like $0.99 per gallon gasoline, home prices will never be where they once were. They will come down some more but not to 2002-2004 levels.
wjb

United States

#6 Feb 16, 2007
wafflehutguy wrote:
<quoted text>
nope - it's questionable sub prime loans and they're coming back to bite us...
I agree. According to a report from the Center for Responsible Lending, sub prime mortgages have the fastest growing rates for foreclosure. It is going to get worse all over.
Bubble Breaker

Houston, TX

#7 Feb 16, 2007
People complaining wrote:
Most of these articles are posted with comments from renters and dooms day prophets. I know it must suck to not own a home and have missed the boat on the best home appreciation run-up in US history, but like $0.99 per gallon gasoline, home prices will never be where they once were. They will come down some more but not to 2002-2004 levels.
Why not? Buyers only care about what there monthly payment would be. So if everything that contributes to that monthly payment like insurance, taxes, interest rates, utilities are up something will have to come down to compensate; otherwise housing would not be affordable. Housing will come down allot more before it appreciates again. It will just be a slow ride due to the lack of liquidity like the stock marketů
Carol

Lexington, SC

#8 Feb 16, 2007
i gotta agree that the easy loans of two years ago encouraged folks who really didn't have the income, to try and support a lifestyle they could ill afford. those homes will foreclose... and investors will descend on the opportunity to purchase undervalued homes. that said... i doubt that current prices will adjust much. i have an investment property for sale - and no compulsion to drop the price - i can always put tenants in it again. people who can't buy have to live someplace. since i have plenty of cash flow over the top of my mortgage payment i'm in no hurry to sell if i don't like the price.
Always Hale

United States

#9 Feb 16, 2007
Carol wrote:
i gotta agree that the easy loans of two years ago encouraged folks who really didn't have the income, to try and support a lifestyle they could ill afford. those homes will foreclose... and investors will descend on the opportunity to purchase undervalued homes. that said... i doubt that current prices will adjust much. i have an investment property for sale - and no compulsion to drop the price - i can always put tenants in it again. people who can't buy have to live someplace. since i have plenty of cash flow over the top of my mortgage payment i'm in no hurry to sell if i don't like the price.
I agree. I think a lot of the investors who are unwilling to wait out the price correction have already left. Real estate still is one of the best long term investments. There is still in my opinion room for adjustment, but prices I don't see a huge dip. My wife and I watched and watch, but prices didn't change significantly in any of the areas we wanted to live.
downtowner

New Smyrna Beach, FL

#11 Feb 16, 2007
People complaining wrote:
Most of these articles are posted with comments from renters and dooms day prophets. I know it must suck to not own a home and have missed the boat on the best home appreciation run-up in US history, but like $0.99 per gallon gasoline, home prices will never be where they once were. They will come down some more but not to 2002-2004 levels.
I couldn't agree with you more! I'm sick of the dooms day prophets. Sour grapes is more like it.
Johnny B

San Antonio, TX

#13 Feb 17, 2007
I remember back in 92 when the housing prices tanked. It will happen again only worse this time. Thank god I sold last year.
mountianman

Salt Lake City, UT

#14 Feb 17, 2007
ha ha it's now cheaper to live here. Gas is under 2 bucks, and it's too cold for all the bums to ang around.
trtsmb

United States

#15 Feb 17, 2007
These realtors need to take the rosy glasses off. Sales of homes are plummeting and inventory is increasing. With 16 months of inventory (over 20,000 listings in the Orlando area), prices are going to start plummeting just like they've done in every other bubble over the years.

It's always amazing how quickly people forget the real estate crash in the early 90s, the crash at the end of the 70s, etc.

Florida home sales are down and eventually sellers are going to have to face reality that they don't "deserve" outrageous prices for mediocre homes.
Hillary

Winter Garden, FL

#16 Feb 17, 2007
You will not have to worry about this after I'm elected President; I will be abrogating all personal property rights.
D Lucille

Owensboro, KY

#17 Feb 17, 2007
The reporters continue to include the term "metro Orlando" as defined by who? Lake, Osceola and Seminole Counties are not in the city limits of Orlando. The term should be "surrounding counties" to accurately define the outlying areas and where prices are not holding up. The property in and near downtown Orlando is continuing to rise as the land values has gone way up. The developers are scrambling and grabbing every single possible lot anywhere near downtown. I counted over twenty new McMansions and townhomes being built in South Downtown, squeezed into a a couple of blocks and more old homes being demo'd for even more townhomes and McMansions near ORMC and Orange Ave. Anyone owning property near downtown has nothing to worry about. The term "metro Orlando" doesn't even make sense. You either live in the City of Orlando or you don't.
rudy

Sanford, FL

#18 Feb 17, 2007
interes only, negative amortizacion, ARMS, no downpayment, bad credit (no problem), no job (no problem)....now 2007 they have to face reality...foreclosure..evictio n..etc..means more inventory..means..lower prices ..means less buyer..means more inventory..means lower prices..who is going to buy something that is coming down..and who is going to give you money easly to buy something that is coming down in price...that means less buyers..lower prices..and this is going on over and over again..until..what ?...do not miss my next post..

Since: Dec 06

Orlando, FL

#19 Feb 17, 2007
actually -- and to my personal surprise -- i think the market here has picked up of late. seriously. we've only been in central florida since last july. in that period, i've never seen more pending signs than i have in the last two to three weeks. we've begun looking for a home after selling our own home on craigslist -- YES, craigslist -- in less than 24 hours. i was expecting things to slide further, but i honestly think central florida is benefitting from the further slide in the rest of the state for two reasons because 1) people from those areas who are able to sell and still want to stay in warmer weather are headed centrally, 2) those who are still moving to florida and want to hedge their bets on our of control property taxes and insurance are doing the same. i'm in winter park and we've been looking in winter park & downtown orlando and at least in winter park things have definitely improved in the last month or so. take that for what you will.

Since: Dec 06

Orlando, FL

#20 Feb 17, 2007
wjb wrote:
<quoted text>
I agree. According to a report from the Center for Responsible Lending, sub prime mortgages have the fastest growing rates for foreclosure. It is going to get worse all over.
there is no question that lenders got MUCH too lenient during the '03-'05 boom. but that being said, i know lots of people who make very good money or have money who also utilized the interest only loans. first, rates are still low. second, you get the interest tax deduction. third, it takes so long to impact your principle anyway. in 2001 we relocated to fort lauderdale and would have NEVER used an interest only loan. we converted when rates were super low to an interest only ARM. then, as rates rose, we locked in, still with interest only. now, because of the durations we typically anticipate staying anywhere, and because rates are STILL historically low and we know we can do better with returns on the money than the interest rate we're being charged, we're planning to lock in with an interest only on the next place. too many have used such lending schemes to buy more house than they can truly afford, but others have simply used them to lower payments / or increase deductions for homes they can afford.
Unbelievable

San Antonio, TX

#21 Feb 18, 2007
I think the question is... where are YOU getting YOUR numbers from? I have a house in Seminole and one in Windermere. I live in very large neighborhoods (thousands of people). None of whom make $8/hour. Everyone in these areas pull a minimum $90K/year - most about 2X that. So yes - the economics and the numbers are there... just maybe not for the lower priced $258K houses... these folks buy in the $450K & up range
chuck ornellas wrote:
i have to wonder where wayne archer gets his numbers.
people in orlando with houses/condos that need them sold or rented can't do either.
jobs.......too funny. 8 bucks a hour jobs are everywhere. the real question is can 8 bucks afford a house/condo ($249,000), or gas at $2.25 a gallon?
archer needs to get real or get one of those $8.00 an hour jobs.
Chris

Eustis, FL

#22 Feb 18, 2007
D Lucille wrote:
The reporters continue to include the term "metro Orlando" as defined by who? Lake, Osceola and Seminole Counties are not in the city limits of Orlando. The term should be "surrounding counties" to accurately define the outlying areas and where prices are not holding up. The property in and near downtown Orlando is continuing to rise as the land values has gone way up. The developers are scrambling and grabbing every single possible lot anywhere near downtown. I counted over twenty new McMansions and townhomes being built in South Downtown, squeezed into a a couple of blocks and more old homes being demo'd for even more townhomes and McMansions near ORMC and Orange Ave. Anyone owning property near downtown has nothing to worry about. The term "metro Orlando" doesn't even make sense. You either live in the City of Orlando or you don't.
The higher the tolls get and the worse the congestion gets the more my College Park property will be worth, also.

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