I'm back!
Interesting numbers starting to come out of the pending homes sales... see below.
Exisiting Home Sales: The South Will Rise Again! : The Disciplined Investor
This I take as a short term phenomena due to the moratorium foreclosures. However! Interestingly enough I have been witnessing in a community in St Cloud a potential end to the dismal Real Estate pricing. The community I speak of is Steven's Plantation, there are limited houses built in this area with close proximity to all that St Cloud has to offer. What originally happened as we all know is what happened in the rest of the U.S. prices came down, then they came down more, then they dropped off a ledge. The falling off a ledge were the bank owned home hitting the market, well that has been going on for some time now and it looks like in at least some circumstances that there is light at the end of the tunnel for prices. Realistically when a home that was built in 2007 is 2800 sqft and has 4 bedrooms can be on the market for $129k, which is less than it would cost to build that same house, The owner of that house is going to have a low probability of selling that house anytime soon which will provide stability to the prices that is needed for growth to enter back in.
Is this happening to all communities right now, of course not, this will happen first to the highly desirable areas. But the recent activity has got me looking for a house for my wife and I and I suggest you do the same.
Search for your next home! Click Here
