Remember that song?  Lean on me...when you're not strong...I'll be the one to help you carry on" Bill Wither's soulful rendition has taken on a slightly different meaning in "Lien" on Me  which is forcing homeowners who purchased property two years ago to discover "it won't be long..until they need somebody to "lien" on. Now discovering they have paid more than the house is worth. 

Particularly hard hit is the community of Harmony, Florida. Located in Osceola County midway between between Melbourne, and Disney.  It was designed to be a utopia for nature lovers, horse lovers, and golfers. But nearly two years after breaking ground, the development has not yet completed the infrastructure of stores, upscale shops, the equestrian center, or vision many residence had hoped it would become. In fact, sales are down. Values have dropped like rocks. Resales are up however.

In a community of 625 families, there have been record numbers of residents putting their 3 & 4 bedrooms on the market. Prices range from The mid two hundreds, up to over $850,000.   There is a 28 month inventory of homes. From January 1 to May 1, 2007 sales average one per month. Banks are foreclosing all over Florida at a record rate, as home owners struggle to make payments. 

Many buyers from abroad have simply abandoned their properties, frustrated they were unable to sell for a profit.  "Two years ago when I came here, they had buyers in golf cart and the sales people pointed here and there telling us what was going here and there.There were only five houses available. It is not even what I wanted but I needed a house right away and had kids to get into school. Now, two years later there is nothing" reported one concerned home owner, who recently was told his home is now valued at $249,900. Sounds like a good buy right? Problem is he paid $305,000.

Many homeowners are "singing the blues" everywhere the market is slow.  "This is not just related to Real Estate it is affecting business world wide" said a semi-precious global gem dealer. "First the war in Iraq which was never supposed to go this long, now, the gas prices forcing the cost of doing business up everywhere. The dollar is not strong abroad, and China's ability manufacture products cheaper due to less expensive labor-it having a widespread impact" he said.   Seems that in some parts..homeowners are signing a different tune...

AIn't No Sunshine when the buyers are gone...