Comments on: Real Estate Crisis – Is this the bottom? Wall Street Journal Says Yes

By: Frank

Frank — Thu, 15 May 2008 12:00:26 +0000

WOW, well written, but missed alot of points. There is a large amount of homes still of some stage of foreclosure. In South Florida, approximately 1 out of every 8 homes is in some stage of foreclosure. Until these number don’t level out the prices will continue to decline.
We all know that foreclosure homes sell for under the market value, therefore decreasing the value of surrounding homes.
I believe alot of what is currently happening in the market now is that most homeowners are letting their house go due to owing more than what their homes are worth. Simple Math!
If my house is worth 250k but I owe 300k, and know that it will take the bank approximately 9 months, why would I not just stop paying, let the bank take the house back, live there for 9 months rent free, and then later repair my credit?
I strongly doubt prices are going “level” out anytime soon.

By: Michael F.

Michael F. — Wed, 14 May 2008 09:34:11 +0000

Obviously the author is nont active in the market place. Real Estate prices on coastal and rural properties continu to drop. Only selective metro areas have stabalized a little. Inventory is still plentiful and the overall effect on other sectors has not played out.

By: Mike Linkenauger

Mike Linkenauger — Wed, 14 May 2008 01:14:28 +0000

I am an active real estate agent in Northeast Florida, and this is one of the best written Real Estate market related articles I have read. Unfortunately it will likely be 2010 before home prices totally stabalize and the inventory and demand, at least in our area, gets to a level that will encourage price growth again. Of course the ripple effect this is having is the most disturbing factor. Salaries actually seem to be decreasing in many fields, as competition for employment from those formally in real estate related fields has increased.

By: tony-s

tony-s — Wed, 14 May 2008 01:12:16 +0000

i don’t know what he is smoking but it must be good the market will bottom 2010 about the middle of the year this prediction is based on 38 years of experience in the real estate field history repeats itself over and over again and will continue again Mark the date