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Prices keep Dropping!

As reported today home prices dropped 6.7 % in October for the 10th time in as many months. That's the largest drop since the beginning of '91.

They said that Miami led the list lower with a 12% drop. I don't know what the figures are for Orlando, Fl.

It doesn't look too rosey out there, no matter how some may want to paint the picture. It will probably be another year until we see any significant change in this market.

But as prices drop I think more and more buyers may come out of hiding and start to rekindle buying/selling activity. There are already many investors probing foreclosures.

It's got to get better sooner or later. just hold on and we'll make it through!

Posted by Orlando Homes Armando Rodriguez Real Estate & Mortgage Broker-GRI on 12/26/2007 02:36 PM

Comments (10)

prices

10 Comments on Prices keep Dropping!

DEC

2007

When prices drop they do open the market for more potential buyers. It will be just fine!

Armando,

Many would say this is a stretch, but I often wonder what effect 'legalized' abortion (1973 Roe v Wade decision) had on our present day real estate market...prior sales models were predicated on 'baby boomer' growth rates...Roe put an end to that progression!!! Just a thought! Thanks, Fran

Team DiMuria~ I think eventually it will!

Fran~ Wow, I think that is stretching it a bit, but you may be right!

Although I hate to see prices drop because of the loss of equity, it is sure nice to see prices coming down to realistic numbers. Buying a house for 125K or so, is actually affordable to the average Joe and would also rent out at around breakeven.

Regarding Fran's comment, I don't know about any truth to that, but the book Freakonomics discusses in detail about how abortion has caused a slow down in crime and other numbers.

Sabes que, Armando? I think that 2008 is going to be a year full of surprises. Regardless of WHAT happens...we know WHO is on our side. :-)

Psalm 121:1-4

1 I lift up my eyes to the hills-
where does my help come from?

2 My help comes from the LORD,
the Maker of heaven and earth.

3 He will not let your foot slip-
he who watches over you will not slumber;

4 indeed, he who watches over Israel
will neither slumber nor sleep.

DEC

2007

Qualified buyers should take advantage of this. Those who wait may end up missing the boat.

ouch!

I'm honestly not sure the stats in MN currently but we've had many listings sell despite the holiday season. I always remain optimistic and really hope the media stops making it look so bad. I think if they spun the story everyone would be buying and selling agian.

All the best,

Beth

Hey all, in Armandos market, only 940 of 26,000 homes sold in November, the same in Oct. THe central Fla markets numbers, according to the MLS, are showing a 9-12% drop over the last 2 years, with less than 3 percent of the homes selling. ANy absorbsion rates will have to show a minimum of 2 years to deal with this kind of inventory. SO, price and demand theory dictates that the prices will continue to fall for the homes that sell..Simple as that.....Ask any appraiser right now what the main focus is on dealing with lenders...the lenders are wanting to include comps from short sales and foreclosures that the Realtors are not wanting to include...Watch and see...2008 is for investors and creative financing ...the year of the lease option is here!!!!

Hey all, peaks and valleys that's what life's all about. We just have to be prepared to ride out the bad and take advantage of the good!

thank you all for your wise comments!

Hi Armando,

I'm praying for you and my other fellow Realtors in FL. I'm praying that you can keep positive yet realistic attitudes during the challenging times that you all are facing.

Grace and peace, Sondra

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