Real Estate reporter from the Miami Herald on tv:
By Daniel at 7 July, 2009, 6:55 pm
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Prices in SoFla are down as much as 80%.
Buying a house in SoFla for $25K?
The collapse is described as “catastrophic.”
The saddest part of all this is the high property taxes that push people over the edge are stuck sky high.
(I learned first hand that the government can be the very problem, never mind help.)
Then the insurances continue to increase in leaps and bounds.
Asked if it’s time to buy, the other guest said wait till next year, it’ll be 10 to 15% lower.
Even what once would be solid borrowers are rolling over as the economic decline continues.
The banks are full of foreclosures that they are trying to control the release into the market.
They’re probably trying to avoid recognizing the losses and go belly up in the process.
As I have said all along, you ain’t seen nothing yet.
As bad as things seem, they will get much, much worse.
Wall Street is just now returning from a couple months fantasy trip.
To find the home burning.
tarn
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