Carl leason

They Said Housing Prices Couldn't Fall. They Lied.

Regarding Mr. Yun,...You have to remember that he is paid by NAR to say "upbeat" things,...but in fact, in FL the average Realtor has had only ONE,..repeat,...ONE sale this past year, and only one Realtor in 300 has even a pending sale !!! To say the market is bad,..is still a huge understatement ! Florida has considerably higher than average prices and considerably lower wages,..The home Builders used to say that the high prices were caused by increasing high costs for all building materials, labor, land, etc. but now,..the cost of materials is way down and yet the prices are still very high,...higher than the national average ! So,..the builders are trying to have it both ways,...trying to keep prices high and increasing the profit margins. New homes are now priced way higher than resale homes so don't pity the builders,..they were making very big bucks between 2001 -2005 and they got used to living high off the hog ! Now they are selling off land, offering Realtors really high commissions, but the real problem is the glut of unsold older homes that are affordable to the average resident of
the states where they live. Every buyer wants a NEW home !
If you want a real comedy show,..just watch HGTV and see these young kids 25-35 years negotiating to buy million dollar homes in CA.
Obviously most of that programming was done a couple years ago, but now what does that young kid do when his adjustable rate mortgage really does adjust ? And,..he has lost his job to boot ! LC