Posted by MistarellaFL on 8/3/10 8:33am
Msg #347399

Inteersting articles re: FL real estate situations today

Cash-happy investors have been scooping up these bargain basement deals at a fast clip, often before middle-income buyers can get financing," according to the Herald.
The nest egg can't compare to the deep pockets of developers, speculators and investors who can self-finance, especially in the wary world of mortgage lending.
And foreclosed homes tend to sell for 25 less than their non-foreclosed counterparts, hard for the cash-in-hand to resist.
While it's bad news for middle class Americans who thought they'd finally get a piece of the real estate pie, it's decent news for the Florida economy.
Median sales prices in Miami-Dade county are still down from year ago -- 4 percent lower -- but they're 3.4 percent higher than they were in May.
Sales are up from a year ago, and single-family home prices are slightly higher.


http://www.housingwatch.com/2010/07/30/south-florida-speculators-outbid-average-homebuyers?icid=main|htmlws-main-n|dl7|link3|http%3A%2F%2Fwww.housingwatch.com%2F2010%2F07%2F30%2Fsouth-florida-speculators-outbid-average-homebuyers

And..........

The unprecedented BP oil spill disaster just got worse, thanks to the estimated $56,000 drop in home value that every homeowner on the Gulf Coast could experience. As reported in Bloomberg BusinessWeek, the estimate from CoreLogic could seriously impact home values for residents of Gulfport, Miss., Mobile, Ala., Pensacola, Fla. and other communities in the Gulf region for years.

More than 600,000 properties -- from Alabama to Florida's Atlantic Coast -- may be affected by the BP oil spill.
The counties with the most severe damage -- Harrison, Miss., Mobile, Ala. and Escambia, Fla. --have approximately 71,000 homes with greatly diminished value.


http://www.housingwatch.com/2010/08/02/gulf-coast-homes-expected-to-lose-56k-in-value-on-average/?icid=main|htmlws-main-n|dl7|link5|http%3A%2F%2Fwww.housingwatch.com%2F2010%2F08%2F02%2Fgulf-coast-homes-expected-to-lose-56k-in-value-on-average%2F

Reply by MistarellaFL on 8/3/10 8:34am
Msg #347400

S/B; Interesting......sorry, bad speeler :) n/m

Reply by MW/VA on 8/3/10 9:00am
Msg #347404

Interesting indeed. There are many stories from the "Great Depression" about rich investors buying up all the homes that people lost. It is a difficult process to purchase under a short-sale or foreclosure for the average person, and many won't go through all that. Those that have the cash have the power--now & always.