The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: John Vosilla who wrote (280122)	10/2/2010 1:10:34 PM
From: Jim McMannis	Read Replies (1) of 306849

Analysts: Central Fla. Home Prices To Take Major Dive More Big Drops In Orlando, Daytona Beach msnbc.msn.com ORLANDO, Fla. -- Analysts said home prices in two cities in Central Florida may soon take another tumble despite a market that seemed to have stabilized in the past summer months. An index released by Standard and Poors this week claimed that home values in Orlando and Daytona Beach markets will continue to endure big drops well into next year as the peak home buying season ends after a dismal summer, which could mean a new wave of foreclosures and short sales. In addition, Standard and Poors said the current high unemployment rate may also cause the Central Florida home values to drop another 6 percent. But a local financial analyst said it's not all bad news. “If you need a house, it's a great time to buy,” Joe Bert, of Financial Planner said. “There's a lot of inventory out there, (and) interest rates are low. Lock in a long-term, 30-year mortgage and go for it. (But) if you have to sell, you're in a very, very tough situation. What you don't want to do is (to) be careful of walking away from a home because it will ruin your credit for a long period of time.” Statistics showed that more than half of the borrowers owe more on their mortgages than the property is worth and the unemployment rate in Orlando remain at about 12 percent.

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