The National Association of Home Builders has said in an announcement in Orlando Florida, that it feels that real estate troubles brought on by the sub-prime mortgage mess are not over yet, and that what they referred to euphemistically as ‘housing contraction’ will continue, and that Florida will find it particularly hard to recover from the slump.
Millions of homeowner’s American dreams are quickly turning into an American nightmare. It is old news that the subprime mortgages market is taking a huge hit due to the predatory lending practices of mortgage loan companies. Now it is time to start fixing the problem. Already the number of adjustable rate mortgages is dropping, but that doesn’t help any of the people defaulting on their loans.
I don’t see the bad in all of this. As a realtor would you rather have no inventory or alot of inventory meaning a guarenteed income for some time.
For the homebuyer and recent interest rate cuts and another on the way it’s a great time to buy.
For those selling they must realize that they may get just under what they wanted but will make up for it when they purchase at a discounted price.
Many areas are not affected by this bubble and business is as usual.
I welcome the strictor lending practices as they should have been in placed and practiced all along.
For the investor come and get them and they will they are just waiting for the bottom to make the best profit and I think March is it.
So I think it’s a great time and when anyone says different just smile they must be listening to the media.
I think the luxury market will be slower to recover as most are waiting till July for Jumbo/Conforming Loans.
The market is homes under 300,000 and many going for alot less. This is a great time to invest in Florida there will always be people coming to Florida and resale should not be a problem.
Any purchase should be considered a long term purchase in this market. Whether buying a retirement property, vacation property or relocating I think Florida is a great choice.
I live in Florida and I saw this auction on TV and they were selling 1000 homes at like one every 5 minutes and thousand were there in huge tents and lending being offered as well. There was a huge condo auction last weekend. I see things starting to move and people were waiting for the FHA limits and conforming loan limits and things will again begin to sell. I kinda like that auction show. It showed inside and outside pictures the last two prices house sold for and it was auction. House were available prior to auction for viewing. Thats how to get it done.