Monday, March 2, 2009

Florida Real Estate. Has it Bottomed?

For those of you who live in Florida you likely know that real estate values have plummeted in the last 2 years. Although the country is in the midst of of one of the worst housing slumps ever, Florida, particularly southwest Florida has seen it worse then the average US region.

The downturn has affected pretty much every class of house, from the large million dollar water front properties, to the 2 bedroom average sized homes.

So, has the market bottomed here in Florida? That depends on who you ask. Some believe that the bottom has almost been hit, but the market will stay stagnant, at the current levels for years to come, while others believe that the economy in general will turn around by the end of this year, leading to a mini housing boom in 2010 and beyond.

What to look for to find an underlying trend? Look for the supply of existing homes in the region to decrease, as foreclosures slow down. If the supply curve can shift downward, and demand can at least stay the same, Prices will gradually start rising. Remember, there is a lot of cash lying around, and ocne things start lookign brighter, both the stock market and housing markets should rebound nicely. You just gotta be patient.

Where can one find out more info on Real Estate Trends? There are a few Real Estate forums I like. Also Google finance can usually tell you the latest news via feeds.

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