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To: Mr. K
I never saw this many BEFORE last year

I am sure that you are correct. When market conditions change, sales tactics change. Prices are dropping in places where speculation spiked them to levels much higher than what normal market conditions would have taken them to.

The increase in mark downs is partially due to people asking for the moon in a rising market, but they are also meant to make who are being squeezed feel like they are getting some type of "bargain". Where we are at the price of gasoline has gone through the roof. People who used to go to other stations are waiting in long lines to save ten cents a gallon at Costco. They could have saved ten cents a gallon at Costco previously but they didn't bother because they were not actively looking for a bargain.

In many places supply is currently at a very low level and the normal cyclical seasonal demand is on the rise. That means that in many places prices are not currently dropping. Will they drop later in the year? Obviously in some places yes, but Florida is still one of the states that is experiencing a net increase in population. New York, California, Illinois and many other blue states are losing population, so we expect reduced demand to cause prices to drop. And obviously increased house payments caused by increased interest rates also causes downward pressure.

But your valid observation likely does not mean what you think that it does. Prices in most places in Florida are still going up.

"But despite the steep decline in sales, home prices in Florida keep going up, up, up."

β€œIt's part of an ongoing trend that's starting to feel unstoppable. According to Norada Real Estate Investments, Florida home values have risen by an eye-popping 80% over the last five years β€” and GOBankingRates spoke with several experts who expect the upward trend to continue for at least another half-decade.”

https://money.yahoo.com/housing-crisis-hit-florida-120110145.html

16 posted on 04/24/2023 9:39:17 AM PDT by fireman15 (Irritating people are the grit from which we fashion our pearl. I provide the grit. You're Welcome.)
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To: fireman15

I owned 14 units at one time, and i have been watching real estate all my life, so I see the trends go up and down.

I see them going down now.

Also- people with adjustable rate mortgages are going to cr*p their pants next time it adjusts. People will have mortgage payments doubling.


17 posted on 04/26/2023 11:47:47 AM PDT by Mr. K (No consequence of repealing Obamacare is worse than Obamacare)
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