The Sarasota Herald Tribune reported this today that the number of foreclosure filings dropped by 8.4% in September according to Realtytrac Inc. Sarasota, Manatee and Charlotte counties saw 2,690 filings in September. A few Realtors and Brokers in Sarasota commented in this story with a postive message. They reiterated (of course) that this was a great time to buy and that Sarasota had worked its way through the subprime mess.
Helen Sosso, the Sarasota Association of Realtors president, said, "They (banks) are trying to figure out ways to keep people in their homes. Florida is starting to come out of the doldrums. We're going to be working through this inventory through next year but hopefully the worst is behind us."
Unless you sleep on a park bench at night you need a home. You can choose to rent or buy. There is nothing wrong with either of them. If you like owning where you live and are thinking of a purchase this could be a very good time to buy. Be smart about your purchase. Don't stretch yourself to get into a home. Buy what you can afford and don't overpay. Do your homework about market values before you make a purchase.
Have Sarasota real estate prices hit bottom? I don't know. Warren Buffet doesn't know. Alan Greenspan doesn't know. Ben Bernanke doesn't know. No other Realtor knows. Are we close to the bottom? Probably. If I had to bet I would say yes.