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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Jim McMannis who wrote (228981)	11/23/2009 10:23:58 PM
From: John Vosilla	Read Replies (1) \| Respond to of 306849

'..banks could have recovered from the sale of distressed Florida homes have instead been pocketed as profits by a new breed of property flipper' Nothing going on now is new..the pros always do very well in markets like this.... only so many more distressed properties and so many more new investors than the RTC days due in large part to the publicity of the bust and technology. I imagine I'll have a good 7-10 year run again. Also many have a hard time putting a true value on what something is really worth on the open market. Land right now is nearly worthless..the low end as well as condos are also hard to move. But the sweet spot of solid middle and upper middle class single family homes in our state (I am talking $80-150k bumping the range up to about $130-250k in SoFla) are moving fast and inventory has tightened with very reasonable PITI for owner occupied at these great low rates . Yes there will be a few more cycles of foreclosures but I expect this to be over within a couple of more years.. Banks and CMO's are taking incredible losses but managing inventory so as not to depress markets any further..prices bottomed pretty much in the spring..