[MonroeDNA]

ex-texan is the willie green of housing.

It must really suck to be around him. Pessimism bleeds all over everyone.

I live in Fort Lauderdale, and my house is worth more than double what I paid for it 4 years ago.

Miami sucks, period. Dade County, corruption, traffic, signs in spanish. Nobody wants to live there.

But north,in Broward Co., it's different. I have people literally knocking on my door asking me if I want to sell.

1000 people a day move to Florida.

Willie Green, I mean ex-texan, can bleed pesimism all day. What a loser.

[ex-Texan]

"The most difficult thing to do is the right thing to do."
--Meyer, in a Travis McGee novel (The Turquoise Lament?)

[MadIvan]

Property markets are not uniform within countries. It may be that Florida requires a price correction. That does not necessarily mean that a correction is required in say, Texas. In fact, as you rightly point out, some parts of Florida may require a correction, but others, no.

It's not intellectually adequate to say that it's going to be happening across the board except in the case of a general, rather than property price, recession.

Regards, Ivan

[corkoman]

ex-texan is the willie green of housing. It must really suck to be around him. Pessimism bleeds all over everyone.

From the real estate closings in the Martin Co edition of the Palm Beach comPost I calculate that sales are about 10% of what they were two years ago.

Here in Hobe Sound For-sale signs are numerous and gathering dust.

I would say the article is accurate and the sentiment is not unreasonable.

[Polybius]

ex-texan is the willie green of housing. It must really suck to be around him. Pessimism bleeds all over everyone. I live in Fort Lauderdale, and my house is worth more than double what I paid for it 4 years ago.

Which means that your kids may not be able to afford housing in Fort Lauderdale when they having families of their own...............Until the wave of foreclosures devastates those who bought at prices they could never afford without gimmick financing.

One has to keep in mind how much of the price inflation represents true value and how much of the price inflation is only made possible by the extremely risky financing gimmicks that will leave your kids either homeless after foreclosure or slaves to a mortgage where the principal will never be paid off.

In 1929, every Tom, Dick and Harry was buying hyper-priced stocks on margin and with ......interest only loans.

A recent article in the Wall Street Journal had this to say: "Interest-only mortgages were the *standard mortgage in the 1920s*, but they disappeared during the Great Depression, and for good reason ... the drop in real-estate values during the Depression pushed a large proportion of interest-only loans into foreclosure. Lenders switched entirely to fully amortizing loans, and that has been the standard mortgage loan since."

[NOLBRLS]

Reality Check! Your home will be worth 4 times what you paid for it when you have the escrow check in your hand.

[Sometimes A River]

"Nobody" wants to live in Miami??

LOL, tell that to Jorge Perez, with his projects 100% sold.

Broward is far more left wing than Dade, and a worse place to live.

[Moonman62]

But north,in Broward Co., it's different. I have people literally knocking on my door asking me if I want to sell.

Tell them to go to South Broward. There are for sale signs all over the place. There was an article in the paper today about the skyrocketing cost of new construction. That should keep a floor under the prices for awhile. I think some people can't handle the big increases in insurance, taxes, gas and electricity. They probably have adjustable rate mortgages too.

[wizr]

"But north,in Broward Co., it's different."

Oh, yeah!! Isn't that where the "COPS" TV program started?

"Bad boy, bad boy, whatchyou gonna do?......."