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Recovery to Come - Just Not Today

By
Services for Real Estate Pros with Charles Rutenberg Realty Orlando, LLC

POINCIANA, FLORIDA | As The "Four-Corners" Reporter focused their attention on Poinciana, Florida, on what looks an untamed painting of the world economic crisis, the local assocation manager, Jeannette Coughenor, referenced an eight-month inventory of homes in the area.

P;oinciana ForeclosuresData from the MidFlorida MLS suggests something more like a 18-month inventory is on hand for the future. Based on statistics maintained since 2001, Poinciana real estate associate, Darhlene Zeanwick with Overton Realty, reports that less than two homes per day are selling in the area. While buyers from Canada have been sweeping into the area purchasing in stock, homeowners trying to sell still have trouble with the predicament of competing with banks to sell.

Of over 1,160 homes in Poinciana that are currently listed in the MLS, approximately 50% indicate the property is in some state of short sale or foreclosure. With a high of 129 homes sold in June of 2005, Poinciana's high this year has reached a high of only 62 homes sold in the month of July.

Darhlene, who predicted the real estate bust back in 2004 and who was also recently interviewed by The Reporter, said that homeowners in the area who are able should expect a long something akin to six weeks of hurricanes the area felt in 2004.  "It's going to feel like a long recovery."  Her forecast?

A flat 2009 -- with some bounce along the bottom -- then full recovery by 2010.  "By May 2010.  For sure.  Mark those words!"  She's been right before.

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