My New Blog

     Consider this: 2 properties at opposite ends of the spectrum. Property number 1 is an oceanfront house in Wilbur by the Sea and the other is a doublewide trailer inthe lettered section of Ormond Beach. What do they both have in common? They both sold in days and for the same reason: they were priced right from the start. It's not rocket science. Houses are still selling, buyers are still buying. The sellers fortunate to have bought more than 2 years ago might be able to break even or walk away with a little money. In the case of the oceanfront home the seller paid $25k for it in the early 70's and could afford to unload it quick. The doublewide was a foreclosure the lender wanted liquidated.

     Personally I think there will be one last big correction before the bottom has finally arrived and the investors come back. It will probably happen in the first half of next year 4 months or so after the next major adjustment of ARM's in january. There are bright spots on the horizon: at least the lower and middle income wage earners who have been locked out of home ownership can now afford to buy thanks to programs like SHIP   and ACORN, as well as FHA backed loans. Until next time...