July 03, 2007

Want to know what an epic housing crash looks like? Broward Country Florida has a SEVEN YEAR supply of unwanted homes on the market (so far)

Seven Years.

And we're still just getting started.

Note to anyone trying to sell a home in Broward County - cut the damn price. Now. Deep. Fast. Now. It's only gonna get worse.

Seven years. Wow.

Broward County had by far its worst May since the Florida Association of Realtors started keeping track in 1994. There were 574 sales of existing homes compared with 862 a year ago, a 33 percent slide.

The median price, up slightly in February, March and April, fell by $12,100, to $367,700 from $379,800 a year ago.

At the end of May, Broward had more than 47,500 homes and condominiums on the market, according to the Miami-based Keyes Co. That's up 27 percent from a year ago. At the current sales pace, it would take about seven years to sell all those properties.

30 comments:

Anonymous said...

Holy Hell!!!!

Can anyone tell me WHY SALES IN ARIZONA ARE MUCH HIGHER THAN IN FLORIDA????

WHY ISN'T AZ SEEING THE SAME BUILD UP LIKE FLORIDA????

Thanks.

EconE said...

Well...it looks like we'll have homelessness solved when this all shakes out.

Hopefully.

It sure would be nice to see that as an unforseen byproduct of something that is going to cause alot of people quite a bit of pain anyways.

HauspocalypseNow said...

AND STILL BUILDING....

hahahahahaha

I say build build build build build build build build

Once AZ is back to being dirt cheap then people from CA will start moving there to ACTUALLY LIVE rather than just flip. THEN we can maybe get some relief here in CA with lower prices.

Anonymous said...

Gee, Broward is more illiquid than the hedge fund in the next post.

But there's always the opportunity to become a grow house!

Anonymous said...

Yeah, and half of the sales are probably for would be grow house operations...

Take away those and things REALLY SUCK!

David in JAX said...

The Florida Association of Realtors is not publishing their May 07 number on their web site. The numbers usually come out like clockwork. The numbers must really look bad.

"777" said...

This report should have come out on 07/07/07 just for fun.

Anonymous said...

Hey, somebody fit the hp troll for a tin foil hat!!!!!!!!!

And when they do sell... said...

Imagine some happy day in the future when all of the South Florida Condos and homes sell. Imagine--what will that place be like with 6 million people? What would be the appeal of the place (already questionable)? They win they loose, they loose either way.

Anonymous said...

Just wait until the Hurricanes start coming in 2-3 months...

Marky Mark

Anonymous said...

Son do you know how fast you were going?

Seven. Seven miles an hour

Anonymous said...

Isn't that the same county where people were too stupid to use simple voting machines in 2000?

No big suprise.

Boom

Anonymous said...

Ha! New Albany, OH (NE side of Columbus) has an 8+ year supply of homes in the New Albany Country Club! Sucks to be a (once) grossly overpaid laid-off loser working for The Limited, doesn't it?

Mammoth said...

7 years of bad luck.

Looks like the REIC really broke the mirror this time.

Anonymous said...

Late Payments Rise for Home Equity Loans, Fall for Credit Cards

Anonymous said...

I lived in South Florida in the 90's for 4 years. Home prices were reasonably priced back then. It was always a given that home prices were relatively low in South Florida because the job market and salaries are poor compared to other parts of the country. I am very glad I no longer live there.

Columbo said...

I see a fellow Columbus-ite posted above. Welcome!

Keith, or anyone, take a look (Columbus housing market) at this:

http://tinyurl.com/ytr8mj

Doesn't look like much of a crash to me. Although realtors here are crying doom-n-gloom, there are still a ton of homes being sold each week. Should I be happy (I live in what seems like a stable area) or sad (I'm renting but want to buy).

Columbo said...

I see a fellow Columbus-ite posted above. Welcome!

Keith, or anyone, take a look (Columbus housing market) at this:

http://tinyurl.com/ytr8mj

Doesn't look like much of a crash to me. Although realtors here are crying doom-n-gloom, there are still a ton of homes being sold each week. Should I be happy (I live in what seems like a stable area) or sad (I'm renting but want to buy).

jorghis said...

Not that I think the housing market is in good shape or anything, but you calculated that 7 years figure based on an abnormally low sales number. Sure inventory is huge, but its not THAT huge

HighStShuffle said...

I'm yet another Columbusite.

What do you other Columbusites think of our market? Overvalued? How much?

And where do you find news like that about New Albany and other local areas?

Joe Logic said...

Please Keith, it's not a "housing crash". It's a "post-boom market". Let's keep it PC.

Anonymous said...

God, when Mid-Westerners are tuning in it is definitely a housing bubble!

Towjam said...

Cant make you payment?
Light a match or just leave something on the stove.

http://www.nbc-2.com/articles/readarticle.asp?articleid=13286&z=3&p=

towjam
Member of the REIC

Anonymous said...

Well this might be an abnormally low number for June but what about the winter coming up?

sequoia512

Shakster said...

GNARLY.

Anonymous said...

I think squatters should be allowed to take over any house that has been a REO for over 12 months as a primary residence. They must be able to prove that it is their primary residence. If they are found to own another home already, they will be charged with a felony. This would solve the problem of neighborhoods going to hell and also help keep property values from plunging due to vandalism. That should also give Bush's American Dream homeownership program a boost.

Guy Daley said...

Dear Colombo:

You said: Doesn't look like much of a crash to me. Although realtors here are crying doom-n-gloom, there are still a ton of homes being sold each week. Should I be happy (I live in what seems like a stable area) or sad (I'm renting but want to buy).

Columbus, Ohio has ELEVEN of the top foreclosure zip codes in the United States. Lots and LOTS of auction notices.

Armed with that knowledge are you still willing to say, "doesn't look like much of a crash to me." Don't forget, REO sold homes and auction sales are ALSO considered home sales.

jorghis said...

"Well this might be an abnormally low number for June but what about the winter coming up?

sequoia512 "

My point is that after prices have dropped some (who knows how much, its obviously a controversial topic) the number of buyers will go back up. So you could easily have 4 time as many buyers a year or two years from now, at which point a 7 year supply will become a 1-2 year supply.

Columbo said...

To other Columbusites,

Getting my info about New Albany from realtors who specialize in that part of Columbus. Just heard yesterday that there are 500+ layoffs coming from The Limited anytime now. Being that MANY New Albany residents, especially the grossly overpaid folks living in the NA Country Club, work (or are about to become former employees) for the The Limited, it's about to get much worse as far as housing goes. I believe that NA is overpriced by about 20%. Some homes listed for sale have been sitting for a LONG time, others get sold pretty quick at or near asking price. Who the idiots are who are buying homes in NA right now, I don't know. But New Albany, OH is a fantasyland: I'd guesstimate that at least half the people living there truly can't afford to, based on the number of current foreclosures, bankruptcies, divorces, Hummers (no mountains here!), taxes, etc.

Florida Sucks said...

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Anonymous said...
Holy Hell!!!!

Can anyone tell me WHY SALES IN ARIZONA ARE MUCH HIGHER THAN IN FLORIDA????

WHY ISN'T AZ SEEING THE SAME BUILD UP LIKE FLORIDA????

Thanks.

July 03, 2007 6:48 AM

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Because people are actually moving to Arizona. No HURRICANES. It may be hot here, but at least you know that your house will still be here after the hurricane season.....and we don't have to stock pile generators and board our windows when it gets hot.....oh yea, and the humidity is not so high here that you break a sweat breathing....Oh, and I don't look out in my pool to find an ALLIGATOR!