Has the real estate bubble finally burst?
 

Living in florida i see waterfront housing selling at 92% of last years numbers on the avg for like properties........time for the big pop?

Also here in our county property taxes and flood insurance are up 20% and 30% or so respectively...everyone who purchased in the last year is going to get hit with bigger escrow deposits....good thing gas is coming down....

it is bursting.
within the next 6 months, the proverbial bottom will drop out.

can't wait for it.

I wonder what they will go for next...

when taxes and insurance start to approach the mortgage payment....it is bad times....i think there are going to be a ton of foreclosures next year....

Where else will people invest their money if not in the real estate?

Florida was a bit inflated and I unfortunately bought at the top, however, I'm reluctant to call it a bubble in any way shape or form.

Florida you don't have to worry about retreating values now or anytime in the future. Florida continually becomes a desirable place to live and work. Companies are beginning to realize tht Florida has corporate benefits and that labor here is still more affordable than other locations.

We're also getting into the time of year where less houses are sold so it will be more of a buyers market. Come February through August you're going to see another nice increase though probably not as stout as our recent increases.

All in all I'd venture to say that if there really was a bubble and if one really did exist that we'll be safe here in Florida.

It has to come down one way or another

That might be correct in the more affluent communities such as southeast florida...but here in NE florida..we are already seeing the fact that properties have outpaced the income....and people are questioning the appraisals...regular peeps are not able to afford the housing anymore...either way...will be interesting to see when the tax bills come out in a few months...

Yes, the burst has started.

I hope not. My condo just went up 10 grand while waiting to close.

imo the key to when things will drop off is when the mortgage rates spike up possibly next summer. things are already dipping, how much is the question.

the 10 year hasn't moved the way i thought it would this year or mortgage rates would have already jumped, so with the time lag the bubble popping might not be so bad.

They've stated a few times on the news the massive slow in growth and sales this late part of the year... Hurricane Katrina reaked havvok on building material costs...

If you find anything near the ocean that is 92 percent less than what it was last year I will buy it and pay you 3 percent commission. I am finding that when I just lower the sales price of one of my condos about 10 percent I get a lot of interested buyers. So I do find that prices are leveling off but a bubble burst, i think not. Right now I am getting out of the pre const luxury condo game and buying sigle family homes in mid income latin areas. These are great deals at around 200k to 400k. Most need a little fix up and they are good to go at around 50 grand more than I paid.