Broward home prices fall 20 percent in June

Like clockwork, the idiot headline writer at the Sentinel uses the term "in June" instead of "thru June" to describe the year over year decrease in prices. He/she has done this every month for as long as I remember, and it cracks me up.

Headline should be "Broward Home prices fall 20 percent from last June" or similar. The did not fall 20 percent "in June". Too funny.

I laugh when I read these stories of people snapping up 'bargain' homes. They are all fools. No matter how much of a deal they think they got, their home will still be worth a lot less in a few more months than whatever they're paying for it now.

This has been a chronic issue in the cesspool called South Florida since about mid-2005, right after Katrina.

There was a lot of nay-saying, and even denial going around back then. Now its 3 years later, and as we can see, we're screwed.

This is going to go on through 2010 unless some kind of massive industry moves into the region. And that my friends is like asking for a miracle you will never get.

John wrote:

I laugh when I read these stories of people snapping up 'bargain' homes. They are all fools. No matter how much of a deal they think they got, their home will still be worth a lot less in a few more months than whatever they're paying for it now.

Well why don't you mr. real estate guru tell us the exact day we should buy...Exactly what day will the bottom be reached...I want the absolute rock bottom price...I swear you better not have me pay one thin dime more than the absolute bottom...Sooo...What do think...5 bedroom 6k sq ft of A/C living area on the water with ocean access for what about $12k...Can't wait!

Dark Justice wrote:

This has been a chronic issue in the cesspool called South Florida since about mid-2005, right after Katrina.
There was a lot of nay-saying, and even denial going around back then. Now its 3 years later, and as we can see, we're screwed.
This is going to go on through 2010 unless some kind of massive industry moves into the region. And that my friends is like asking for a miracle you will never get.

Going to go on through 2010....How can that be???

Prices just dropped another 20% in June...At that rate we only have about 4 months left before our homes are 100% worthless...Then what do we do...Pay people to take them...

I say it's time to start buying...When everybody and their mother are saying it's game over for Real Estate..You know it's time to buy!

The accurate headline should read SUN-SENTINEL STAFF CUT 20% IN JUNE. That would be accurate and deserved for the crappy journalism and use of language we get from this 3rd class newsrag. I cannot wait until they close the doors and run the website by remote control from Zell's office in Chicago.

hmm. so I'm stuck in Dania Beach indefinitely..

You are such a LOSER wrote:

<quoted text>
Going to go on through 2010....How can that be???
Prices just dropped another 20% in June...At that rate we only have about 4 months left before our homes are 100% worthless...Then what do we do...Pay people to take them...
I say it's time to start buying...When everybody and their mother are saying it's game over for Real Estate..You know it's time to buy!

think 1997 prices , yes another 30% to go and then buyers will be back. one has to realize the boat has sailed and they made no money after 10 yrs of owernship

Lou wrote:

hmm. so I'm stuck in Dania Beach indefinitely..

yes ,you are start learning spnaish lmao

The home of gregory niles is a perfect example of how over inflated the "just values" truly are...Broward county's budget is in for some serious adjustments...The house sold for 117k...about what it's worth...the "just value" is 276k...if all the tax rolls are this over inflated we be in trouble;)

I'm waiting for the realtORs to tell me now is the time to buy...

I already have a home, but, a sweet deal is a sweet deal. I'm going to use one of my many identities to take advantage of this very kind offer.

Homeowners need to vote for Amendment 5 on November 2. Amendment 5 will significantly reduce property taxes for both SOH AND Non-SOH homeowners. All homeowners will pay between 25 to 40 % less on property taxes, which should help in getting the market going again. At the very least, it will mean a large reduction in property taxes. Vote for Amendment 5 on November 2.

"The Real Estate Market" is a minomer because each neighborhood is its own separate market. Some hoods, like South Beach, have never declined and continue to rise. Some hoods, like lower middle class townhome communities built and sold in 2006, will become 100% casualties.

My own neighborhood hit its bottom earlier this year. It is a gated waterfront community of 400 townhomes built in the 1980's. Very slow turnover and very few foreclosures. The two that went for sale were snapped up at prices about 35% below the 2006 highs.

My point being that there will not be ONE real estate bottom but many little neighborhood bottoms. Right now, this very day, some hood somewhere will bottom. Right now, this day, some buyer will get the deal of a lifetime.

So those of you who are waiting for the county wide numbers to show a reversal are in fact waiting for the averages. Those averages include the communities built and sold in 2006 which are today slums because those communities were priced at the top and were financed with the worst of the lender abuses.

Be smart, don't wait for THE bottom because THE bottom has already come and gone in some places.

BTW - I have followed my own advice.

Phil wrote:

Like clockwork, the idiot headline writer at the Sentinel uses the term "in June" instead of "thru June" to describe the year over year decrease in prices. He/she has done this every month for as long as I remember, and it cracks me up.
Headline should be "Broward Home prices fall 20 percent from last June" or similar. The did not fall 20 percent "in June". Too funny.

So true. I'm sure we're gonna hear from that angry DC attorney to the same tune sometime today...

Guys…. You ask when you should buy. Before the real-estate boom started, their was never a mention of Home prices, Taxes, or Mortgages. When people stop talking about Real-estate, you know it is time to buy. Unlike the stock market, this housing market (south Florida) is not going to bounce back. It is going to hit a low and stay like that for ten or fifteen years just as it has in every housing boom of the past (this being the worst of all of them).

You have to remember, there are many obstacles in the way of this market coming back. First, the inventory is absolutely out of control and doesn’t seem to be getting any better. Secondly the Foreclosures are at an all time high and will probably get worse. Third, Financial Institutions handing out money to anyone is a thing of the past. No money to put down, no loan. Forth, the economy is getting worse every day. It seems like every time I pick up the paper, thousands of people are losing their jobs. Personally, I would wait to buy.

Crystal Ball

You are such a LOSER wrote:

<quoted text>
Going to go on through 2010....How can that be???
Prices just dropped another 20% in June...At that rate we only have about 4 months left before our homes are 100% worthless...Then what do we do...Pay people to take them...
I say it's time to start buying...When everybody and their mother are saying it's game over for Real Estate..You know it's time to buy!

That price drop is recorded year over year, not month over month-- it would take 4 years before your home hit bottom-- put this pace will not continue, the graph must flatten out over time and gradually turn upwards at the rate of 3%-7% per year to match inflation.

THE HEADLINE IS WRONG YOU IDIOTS.....It should read Home Prices fall 20% since last June. The way you have worded it makes people think prices dropped 20% in one month. What is wrong with you? Are you so desperate to sell papers and shock readers. No wonder Realtors are boycotting your Sunday Real Estate Section and it is soooo thin.

Focus wrote:

"The Real Estate Market" is a minomer because each neighborhood is its own separate market. Some hoods, like South Beach, have never declined and continue to rise. Some hoods, like lower middle class townhome communities built and sold in 2006, will become 100% casualties.
My own neighborhood hit its bottom earlier this year. It is a gated waterfront community of 400 townhomes built in the 1980's. Very slow turnover and very few foreclosures. The two that went for sale were snapped up at prices about 35% below the 2006 highs.
My point being that there will not be ONE real estate bottom but many little neighborhood bottoms. Right now, this very day, some hood somewhere will bottom. Right now, this day, some buyer will get the deal of a lifetime.
So those of you who are waiting for the county wide numbers to show a reversal are in fact waiting for the averages. Those averages include the communities built and sold in 2006 which are today slums because those communities were priced at the top and were financed with the worst of the lender abuses.
Be smart, don't wait for THE bottom because THE bottom has already come and gone in some places.
BTW - I have followed my own advice.

Nice Post!

Focus wrote:

"The Real Estate Market" is a minomer because each neighborhood is its own separate market. Some hoods, like South Beach, have never declined and continue to rise. Some hoods, like lower middle class townhome communities built and sold in 2006, will become 100% casualties.
My own neighborhood hit its bottom earlier this year. It is a gated waterfront community of 400 townhomes built in the 1980's. Very slow turnover and very few foreclosures. The two that went for sale were snapped up at prices about 35% below the 2006 highs.
My point being that there will not be ONE real estate bottom but many little neighborhood bottoms. Right now, this very day, some hood somewhere will bottom. Right now, this day, some buyer will get the deal of a lifetime.
So those of you who are waiting for the county wide numbers to show a reversal are in fact waiting for the averages. Those averages include the communities built and sold in 2006 which are today slums because those communities were priced at the top and were financed with the worst of the lender abuses.
Be smart, don't wait for THE bottom because THE bottom has already come and gone in some places.
BTW - I have followed my own advice.

True, true-- but with one caveat. Home values are relative to their communities-- and that doesn't mean the border around your townhome community. That said, the slums that sell for pennies on the dollar for what your property sold for, will, inevitably, have an avderse affect on your property value. While minor in scope, it will nevertheless be present.