Light at the end of tunnel??……
Lot of houses on the market are being bought back by banks. Big time losses for now. Guy with good credit could get a house for next to nothing next year if or when credit loosens up. However, I’m convinced thousands of people will only be able to afford a used mobile home in the near term. Maybe time to get rich. Borrow from an owner on terms like I did here in Idaho (5000 down-500/mo for 3 years) . It will be years before banks lend on any mobile homes let alone used. Probably able to buy for very little and sell on terms for a nice profit.
I like this better than selling houses for payments that few will be able to afford. After all everyone has to live somewhere. If banks evicts all these borrowers upside down on their loans, and they will, these people have to have a place to live. Do you see an opportunity in your town?
More homes were sold in the Tampa Bay area in September than the previous September, but median home values continue to fall.
Existing home sales for Tampa, St. Petersburg and Clearwater climbed to 2,174 last month, up 29 percent from September 2008 while Lakeland was up 27 percent to 284 homes sold in September.
Sarasota didn’t have the same success, but its 7 percent drop to 550 units was the most contained drop of any market in the state.
In fact, only five of the 20 markets tracked by the Florida Association of Realtors showed declines with the statewide average up 24 percent over the previous year.
Values haven’t followed, however. The median home price in Tampa dropped 20 percent from $200,700 last year to $160,500 last month. In Lakeland and Winter Haven, the median home price fell 16 percent to $139,500, while in Sarasota-Bradenton, the median price was down 29 percent but remained just above the $200,000 mark.
Statewide, the median price dropped 22 percent year over year from $224,700 to $175,100.