Foreclosures keep mounting in South Florida

In Broward, 4,403 people were either facing foreclosure or lost their homes in January, up from 3,426 last January, the Irvine, Calif.-based company said. Full Story
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Dryback

Miami, FL

#1 Feb 11, 2009
No bailouts. Let the irresponsible dumbsh|ts lose "their" homes that they shouldn't have attempted to buy in the first place. If anyone deserves money, it's the people who have made all of their payments on time, not the losers who instead spent money on cell phones, SUVs, and plasma TVs.
Homer Simpson

Pompano Beach, FL

#2 Feb 11, 2009
There are some incredible deals out there right now. We just started looking and there are some places you can buy that the price has dropped in half. Great deals !
Takking The Fifth

West Palm Beach, FL

#3 Feb 11, 2009
Homer Simpson wrote:
There are some incredible deals out there right now. We just started looking and there are some places you can buy that the price has dropped in half. Great deals !
But with the second great depression just around the corner and the possibilities of a civil war or uprising why bother.
Reality

Miami, FL

#4 Feb 12, 2009
You have to let the market correct itself. You cannot save people from foreclosure. There are way too many people living in neighborhoods they have no business living in. They couldn't afford it. That is wrong. People who bust their butts to have a certain lifestyle should not have to help other people attain the same. Earn what you want, you cannot just have it given to you. We should be able to live around other people that are like us. This type of community provides a sense of community and that is what South Florida severely lacks.
Billy Bob

United States

#5 Feb 12, 2009
Living within your means should pertain to all
facets of life.
Plus drop the attitude 'I want it and I want it now'.
DAS

United States

#6 Feb 12, 2009
And will get worse for the NEXT 3 YEARS,WHy,Worthless Fake Dollars ,and Overvalued Properties caused by LOW INTEREST Rates,Real estate agents,appraisers Padding the VALUES...The More The Fed Prints Worthless Money the Worse Ist Gonna Get...Dont Buy Anything For 3 Years
Sure

Edwards, MO

#7 Feb 12, 2009
Homer Simpson wrote:
There are some incredible deals out there right now. We just started looking and there are some places you can buy that the price has dropped in half. Great deals !
Yeah, incredible to you right now. However, if you buy now, you won't consider your purchase an "incredible deal" twelve months from now when the value of the home you just purchased drops another 20%. It will look even worse two years from now.

Sure, some homes are selling for 50% off of their peak, but you really need to take that in context of what happened in South Florida during the bubble. The houses that are now selling for 50% off their 2006 purchase prices were selling for less than one-third of that in 1999. When they do return to their substainable 1999 values, people like you that are buying now will look like suckers who caught a falling knife.

Quit comparing current prices to prices created by an artificial mania that was fueled by ridiculously easy credit. Instead, compare today's prices to the normal, substainable prices prior to the credit explosion (1999 and prior) and you'll see that prices today are still significantly inflated.

Besides, I am beginning to think that there will be an over-correction even below 1999 prices due to the combination of massive over-building and rapid population growth.

There is little risk in staying on the sidelines and renting for another 12 to 24 months. There's massive risk in buying right now.
DAS

United States

#8 Feb 12, 2009
Homer Simpson wrote:
There are some incredible deals out there right now. We just started looking and there are some places you can buy that the price has dropped in half. Great deals !
And they will drop another 50% in a few years as FLORIDA gets to be UNLIVIBLE..........Ot UNDERWATER
screwedathome

United States

#9 Feb 12, 2009
I am glad I didn't re-fi or nothing, now that may house is worth nothing. I just keep on making my payments. GOD BLESS my mortage company!
Joe

Fort Lauderdale, FL

#11 Feb 12, 2009
This is sad, but 40% of all homes in Florida are paid in full with no mortgage. So, this terrible news does not apply to the majority of the homeowners. This is a good time to pick up a "deal" if you have any cash sitting around. This crisis will pass as it has in the past.

Since: Jan 07

Hialeah, FL

#12 Feb 12, 2009
Absolutely right. All these government programs to halt/slow foreclosures just slow the correction of the market. Until the market corrects, the smart money will remain on the sidelines. 50% down from the peak was about what I expected; however, look at it now, the oversupply was MUCH worse then I anticipated, and the bank problem was slightly more severe. There are going to be entire communities in FL bulldozed under, there's just not close to enough people to fill up all these homes. So, 50% down was a bit optimistic, we are already there in many areas and the bottom isn't even in sight yet.

Remember the rules when shopping for a home. Rent X 100 is the price you should pay for a home (home rents for 1,500 a month, don't pay over 150,000 for it!). Never spend more then 3X your income on a home (make 50K, the most house you should even consider is 150K).

And, finally (although this becomes less and less relevant every day), it costs about 100/sq/ft to build a home. A 2,000 sq/ft home costs about 200K to build. Land, in almost all of FL is effectively worthless, only figure the construction costs (unless you are looking at deep water/oceanfront). That rule almost doesn't matter anymore because we don't need another home built in FL for the next 10 years; but still, it's a good place to start.

If you pay over 50/sq/ft for a condo pretty much anywhere but direct oceanfront, you're going to get killed. Many of these condos are just going to fail; not enough people paying the HOA, section 8, 75% renters, 90% foreclosures, etc. Don't even consider paying over 50/sq/ft, and even then, it better be a nice (preferably older) condo building.
Reality wrote:
You have to let the market correct itself. You cannot save people from foreclosure. There are way too many people living in neighborhoods they have no business living in. They couldn't afford it. That is wrong. People who bust their butts to have a certain lifestyle should not have to help other people attain the same. Earn what you want, you cannot just have it given to you. We should be able to live around other people that are like us. This type of community provides a sense of community and that is what South Florida severely lacks.

Since: Jan 07

Hialeah, FL

#13 Feb 12, 2009
Yup, that's exactly right. Just go back to 1999/98 to start to figure prices. The bubble can be totally removed from the calculation, it just doesn't matter.

Because of the massive oversupply (and the fact that there's pretty much no first time buyers left who haven't been suckered in already), you can probably just look at 1999 prices and shoot for that as the right price to pay for a home. I used to tell people to index that for inflation (1999 price + inflation to current day) but I don't think that's valid anymore. We've glutted the market so much that traditional metrics just don't work anymore.
Sure wrote:
<quoted text>
Yeah, incredible to you right now. However, if you buy now, you won't consider your purchase an "incredible deal" twelve months from now when the value of the home you just purchased drops another 20%. It will look even worse two years from now.
Sure, some homes are selling for 50% off of their peak, but you really need to take that in context of what happened in South Florida during the bubble. The houses that are now selling for 50% off their 2006 purchase prices were selling for less than one-third of that in 1999. When they do return to their substainable 1999 values, people like you that are buying now will look like suckers who caught a falling knife.
Quit comparing current prices to prices created by an artificial mania that was fueled by ridiculously easy credit. Instead, compare today's prices to the normal, substainable prices prior to the credit explosion (1999 and prior) and you'll see that prices today are still significantly inflated.
Besides, I am beginning to think that there will be an over-correction even below 1999 prices due to the combination of massive over-building and rapid population growth.
There is little risk in staying on the sidelines and renting for another 12 to 24 months. There's massive risk in buying right now.

Since: Jun 08

United States

#14 Feb 12, 2009
Doesn't matter what the government does at this point-- all they're doing is propping up worthless assets. That $300k 2br condo? Not for another 20 years-- if that. The bottom line is this: for all those who were responsible to sideline themselves and NOT get into financial trouble with an overly high mortgage, and rented, we now get to pay down the mortgage debt of those who DID jump into something they couldn't afford.

Moral of the story? In the US, the government will save us.

Ooops. China is lending less money-- looks like they may not be able to save us after all.

Yes, its true. China, in light of a 50% drop in GDP YoY is scaling back on foreign bond purchasing activity, which when you read between the lines, means US. So what does that mean to us? Well, nobody to buy government debt means no more government giveaways. And that day is coming soon.

All they can do is soften the landing, which is like saying, can we jump out of a plane with, or without a rock tied to our ankle: the end result will be sloppy either way.

Since: Jun 08

United States

#15 Feb 12, 2009
Homer Simpson wrote:
There are some incredible deals out there right now. We just started looking and there are some places you can buy that the price has dropped in half. Great deals !
No there aren't. A $180k house that once sold for a $300k isn't a deal-- its the going price. Its what it should have been to begin with.

Since: Sep 08

Pompano Beach

#16 Feb 12, 2009
Personally, I think we are all missing the boat here. The housing market and credit crunch is only a small part of the problem.

The biggest part of the problem is there are NO JOBS. What we are seeing now is people who did not overpay for their homes starting to get in trouble because unemployment only goes so far. How the hell do you pay electric, telephone, food and rent or mortgage on $275.00 a week?

Unless we solve the unemployment situation, the market cannot correct itself.

Since: Jun 08

United States

#17 Feb 12, 2009
Reality wrote:
You have to let the market correct itself. You cannot save people from foreclosure. There are way too many people living in neighborhoods they have no business living in. They couldn't afford it. That is wrong. People who bust their butts to have a certain lifestyle should not have to help other people attain the same. Earn what you want, you cannot just have it given to you. We should be able to live around other people that are like us. This type of community provides a sense of community and that is what South Florida severely lacks.
COMPLETELY agreed!

Since: Jun 08

United States

#18 Feb 12, 2009
DAS wrote:
And will get worse for the NEXT 3 YEARS,WHy,Worthless Fake Dollars ,and Overvalued Properties caused by LOW INTEREST Rates,Real estate agents,appraisers Padding the VALUES...The More The Fed Prints Worthless Money the Worse Ist Gonna Get...Dont Buy Anything For 3 Years
I disagree-- I say maybe another 12-18 mos, depending on the rate of decline when 2010 begins.

Since: Jun 08

United States

#19 Feb 12, 2009
Sure wrote:
<quoted text>
Yeah, incredible to you right now. However, if you buy now, you won't consider your purchase an "incredible deal" twelve months from now when the value of the home you just purchased drops another 20%. It will look even worse two years from now.
Sure, some homes are selling for 50% off of their peak, but you really need to take that in context of what happened in South Florida during the bubble. The houses that are now selling for 50% off their 2006 purchase prices were selling for less than one-third of that in 1999. When they do return to their substainable 1999 values, people like you that are buying now will look like suckers who caught a falling knife.
Quit comparing current prices to prices created by an artificial mania that was fueled by ridiculously easy credit. Instead, compare today's prices to the normal, substainable prices prior to the credit explosion (1999 and prior) and you'll see that prices today are still significantly inflated.
Besides, I am beginning to think that there will be an over-correction even below 1999 prices due to the combination of massive over-building and rapid population growth.
There is little risk in staying on the sidelines and renting for another 12 to 24 months. There's massive risk in buying right now.
I know a guy in Boynton who bought a house for $465k five months ago only to have the same model sell for $385k on his street this month. He's living proof of your advice: wait.
Have2Agree

Alpharetta, GA

#20 Feb 12, 2009
Homer Simpson wrote:
There are some incredible deals out there right now. We just started looking and there are some places you can buy that the price has dropped in half. Great deals !
I have to say...compared to the boom days there are great deals out there..my old home is now selling for 50% less than what I sold it at...from 800K to 400K..it even selling for less than what I paid for it in 03...back to 00/01/02 prices in SFL...
Have2Agree

Alpharetta, GA

#21 Feb 12, 2009
The Anti-dope wrote:
Doesn't matter what the government does at this point-- all they're doing is propping up worthless assets. That $300k 2br condo? Not for another 20 years-- if that. The bottom line is this: for all those who were responsible to sideline themselves and NOT get into financial trouble with an overly high mortgage, and rented, we now get to pay down the mortgage debt of those who DID jump into something they couldn't afford.
Moral of the story? In the US, the government will save us.
Ooops. China is lending less money-- looks like they may not be able to save us after all.
Yes, its true. China, in light of a 50% drop in GDP YoY is scaling back on foreign bond purchasing activity, which when you read between the lines, means US. So what does that mean to us? Well, nobody to buy government debt means no more government giveaways. And that day is coming soon.
All they can do is soften the landing, which is like saying, can we jump out of a plane with, or without a rock tied to our ankle: the end result will be sloppy either way.
In some ways you are correct, BUT there are also people who are suffering in a home where they could afford it when they purchased it, they did put 20% down, but because of the irresponsible homeowners around then they are sitting underwater in a home...I don't think its unfair to help those people..I have family in that same situation now in SFL..

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