No housing upturn in sight

No housing upturn in sight

There are 133 comments on the South Florida Sun-Sentinel story from Apr 13, 2007, titled No housing upturn in sight. In it, South Florida Sun-Sentinel reports that:

Home builder Ara Hovnanian was asked Thursday to rate the housing market on a scale of 1 to 10.

Join the discussion below, or Read more at South Florida Sun-Sentinel.

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“The Voice of Reason”

Since: Mar 07

www.legconsol.com

#2 Apr 13, 2007
Well, like they say, the bigger they are, the harder they fall.
roscoe p coaltrain

United States

#3 Apr 13, 2007
what are they trying to say? rent and throw your money away, buy now were running out of land and the baby boomers and foriegn investers are coming.these guy's must be mistaken, my realtor told me so. and were getting our insurance and taxes straightened out too. charlie crist is right on it.
anon

Boca Raton, FL

#4 Apr 13, 2007
most people do not realize that we're only in perhaps the third inning of this mess. The most OPTIMISTIC perspective (ie that of homebuilding executives and homebuilding paid economists) is now: record inventory which will increase and price declines for quite a while...

Market will likely not bottom for AT LEAST another 3 years (probably 5+ years), and people need to manage their expectations and finances accordingly....
sellit walkaway with cash

Durham, NC

#5 Apr 13, 2007
If you can't make your $4,000.00/Month mortgage payment.. why not just sell it and buy a smaller home/condo or a single fam home at Port st. Lucie for example?
You may even walk away with cash. No realtor is needed ( as least for the seller since the buyer will bring his/her realtor to do the work)...so you'll pay 1/2 of the commision. example: sell you home 4 $300K & pay only 3% commision of $9K to the buyer's realtor. Just list it 4 sale free on the NEt on sites like craigslist.org , buyers will comes only if it's great deal. Bottom line is price..that's it. No one nowadays cares about upgrades, granite kitchen, marble, etc..
j-rock

Pompano Beach, FL

#6 Apr 13, 2007
Prices are running folk north of the border.
landlord

United States

#7 Apr 13, 2007
people want to rent ! well, i will raise the rent then for those who cannot buy.
How dumb

United States

#8 Apr 13, 2007
The builders at Trammell Crow are building 15,000 rental apartments this year, the most ever... What makes them think that there is a need for this when there are so many empty unsold condos that will be turned into rentals at some point.
My advice, go through all your stocks and mutual funds you may have and DUMP any investments you are holding in financial institutions. They are all going to take a fall.
mary

Fort Lauderdale, FL

#10 Apr 13, 2007
j-rock wrote:
Prices are running folk north of the border.
It is not only the price but the influx of Hispanics and Blacks.
nardi

Dallas, TX

#11 Apr 13, 2007
sellit walkaway with cash wrote:
If you can't make your $4,000.00/Month mortgage payment.. why not just sell it and buy a smaller home/condo or a single fam home at Port st. Lucie for example?
You may even walk away with cash. No realtor is needed ( as least for the seller since the buyer will bring his/her realtor to do the work)...so you'll pay 1/2 of the commision. example: sell you home 4 $300K & pay only 3% commision of $9K to the buyer's realtor. Just list it 4 sale free on the NEt on sites like craigslist.org , buyers will comes only if it's great deal. Bottom line is price..that's it. No one nowadays cares about upgrades, granite kitchen, marble, etc..
You are beginning to see what this mess is about. The problem is he bought the house for $400k and now the values have dropped. If he sells it for $300k he still owes the bank $100k.
Darwin

Hollywood, FL

#12 Apr 13, 2007
This whole mess starte with Greenspan and people believed everything he said. Interest rates were way to low for way to long and the dumb consumers that thought they would be the next Donald Trump drove prices way up because of these exotic loans that Greenspan was pushing towards the end of the housing boom
Agnes

Jupiter, FL

#13 Apr 13, 2007
landlord wrote:
people want to rent ! well, i will raise the rent then for those who cannot buy.
Landlord -

Look at the "How Dumb" entry beneath yours... there will be a lot of new rentals coming on the market due to unsold condos. I would suggest you adjust rentals downwards accordingly!
Kevin

Englewood, CO

#14 Apr 13, 2007
mary wrote:
<quoted text>
It is not only the price but the influx of Hispanics and Blacks.
They are also moving north to get away from ignorant locals like you.(Assuming you’re not a transplant like those you speak about in your comment) Nothing in this article had ANYTHING to do about race.
John

Fort Lauderdale, FL

#15 Apr 13, 2007
mary wrote:
<quoted text>
It is not only the price but the influx of Hispanics and Blacks.
For everyone holding the same sentiment, many of us will gladly help you along your journey. This ignorant mentality needs to be eradicated from the genetic make-up of our being.
Another longtime landlord

United States

#16 Apr 13, 2007
It is cheaper to rent than to own! You can rent a nice home or apartment for half or what it would cost you to own it after taking taxes, insurance and opportunity costs for down payment. I don't see it getting better anytime soon. The legislature keeps promising reforms but the reforms so far are just watered down versions of original proposals. It's the SOS in Tallahassee. Even the Feds are backing away from any national cat fund for hurricanes. Oh well, such is life in paradise now.
More BS Hype

Potomac, MD

#17 Apr 13, 2007
The so called MORTGAGE CRISIS is just one more media created frenzy such as the Duke Lacrosse Team RAPE FIASCO and the current Imus media lynch mob feeding frenzy. The VAST MAJORITY of sub-prime mortgages were for 2nd mtg loans or for EXISTING refinancing of homes in old/bad neighborhoods to minority and elderly borrowers with poor credit! Congressional testimony last week by industry and government officials PROVES that less than 10% of sub-prime loans went for the initial purchase of a home! This is a NON-NEWS event that the media is pounding the drums on in it's continuing crusade to kill the real estate market!
RobGar

New York, NY

#18 Apr 13, 2007
anon wrote:
most people do not realize that we're only in perhaps the third inning of this mess. The most OPTIMISTIC perspective (ie that of homebuilding executives and homebuilding paid economists) is now: record inventory which will increase and price declines for quite a while...
Market will likely not bottom for AT LEAST another 3 years (probably 5+ years), and people need to manage their expectations and finances accordingly....
Third inning??!!!! They haven't even sang the national anthem!!!
HappyRenting

Schaumburg, IL

#19 Apr 13, 2007
Until and unless prices drop dramatically in the areas I am looking, I will not buy period. I don't care if Sellers want to keep the prices high. If they don't drop I won't buy and they can hang on to their houses until h$ll freezes over. I will not over pay for an inflated house so they can fund their retirement.
James

United States

#20 Apr 13, 2007
This is a very simple problem to solve. Lower the property taxes and lower the insurance premiums, and people will begin to buy again. If Tallahassee doesn't quit dragging feet on a sweeping policy change, then that loud sucking sound of everyone leaving Florida is only going to get louder. When the people leave, the businesses leave. When the businesses leave, Florida is cooked. These common-sense economics are quite simple to grasp.
James

United States

#21 Apr 13, 2007
HappyRenting wrote:
Until and unless prices drop dramatically in the areas I am looking, I will not buy period. I don't care if Sellers want to keep the prices high. If they don't drop I won't buy and they can hang on to their houses until h$ll freezes over. I will not over pay for an inflated house so they can fund their retirement.
Sorry HappyRenting, your logic doesn't compute. Before the insurance rate hike (i.e. prior to the nasty '05 storm season), houses in South Florida were selling for 40-50% higher than they are selling today, and very few of them sat for very long on the market.

It's not that the selling price of the house is too high, it's the Mercedes-Benz payment-sized money you'll pay on a monthly basis to meet your annual insurance premium and property tax payments that keeps you out of the market.

The government controlled tax rates and insurance premiumns (yes, most Floridians are on state controlled wind policies) inflate the monthly cost of owning home by almost 1/3.

I've owned property in Florida for 23 years. Buyers in Florida have always settled for far less property than you could get for the same money elsewhere in the country. However this is the first time in history that the insurance/tax situation has been this bad, and this is the first time in history that there are more moving vans leaving Florida than entering.

Tallahassee regulated us into this mess, so folks need to contact their representatives in the Florida state congress and the governor to get some serious policy changes quick. That's most important step to getting this mess turned around.
James

United States

#22 Apr 13, 2007
Correction - a year and 1/2 ago they were selling 20-30% higher, not 40-50%. bad math. sorry.

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