If crapping out can be compared to fucked - in that case, it's crapping out
Not one hope in hell of selling a 1900 sq ft condo for the orginal fantasy price of $799K and will prob be lucky to move it at $250K.
There have been *many* properties sold at pre-construction prices and the potential buyers are sliding bigtime on completing even these deals. The properties are not even worth the pre-construction price, but, hell - they never were in the first place.
Na.. it's not just Flordia....
Quote:
Prices still going down, inventory still going up
Total housing inventory jumped 10.4% to 4.2 million at the end of April, which translates to an 8.4-month supply at the current sales pace, up from a 7.4-month supply in March."
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Quote:
California notices of default hits 10-year high
Across California, meanwhile, the number of notices of default - issued when a homeowner is late on mortgage payments, and the first step toward foreclosure - have hit the highest level in almost 10 years, according to DataQuick, a San Diego-based real estate information service. And foreclosures statewide increased more than 800 percent from the first quarter of last year to the first quarter of this year.
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PS On second thoughts - I would not even pay $150K for that property.