TooFarTampa said:Personally I think the shakeout is going to take several years. The goal for everyone should be to get the hands of these properties into end users, so the market can stabilize.
Govm't sez we reached record homeownership of 69.2% in 2004 (down to 69% in 2005)--and that was accomplished when interest rates were lower and houses were "cheap" compared to later boom prices.
Now interest rates are higher; inventory levels are at a 9-year high; housing prices are WAY above affordability levels for the majority of lower- to middle- class wage earners; wages have not kept up with inflation in the the past several years; insurance, gas, medical and taxes are on the rise; and with savings rates below zero, few have put enough money away for retirement...who is going to buy up these thousands of Florida condos as "end users?"
It's going to be a shame when a lot of precious energy is going to be wasted in lighting, cooling and pool filtering rows of mostly-empty condo lining the coasts of Florida.