Broward home prices fall 20 percent in June

HAHA!! Surprise Surprise!! Broward County=the ghetto of South FL.

P.S - if you want to be in the $120k range, find something with a sub $200 HOA that includes all your necessary insurance. You should be able to pull in the $1300/month range for rent if you get the right place (a townhouse/villa maybe) and an overall out of pocket only $100 more than a $75k place.

Hahahahahahhahhaa!!!
LMAO

while everyone was crying doom and gloom...I bought a third house as a rental property...now it's paying for both itself and my stay at home wife.

By the way i do have a decent job that allows me to pay for two homes before I bought this one.
Big difference is I do not try to live beyond my means...If i dont have the.
cash to buy, I don't buy.

hahahahah...looking for the fourth house to buy, but will not bail out speculators

Well, I bought my place in 2001 for $86k...(while they were going for around $105k)...

Dumbfounded, I watched the prices rise (identicals - exact replicas)...$130k...$160k...$1 90k...$220k...$250k... up to $270k... in a matter of FOUR YEARS...

Same place!

L'il ole me, I bought it CASH... then I watch all these new "neighbors" getting humongous loans... and they're paying quadruple my property tax bill ("homesteaded" - limited yearly increases)...

Looked at "identicals" on realtor.com last week... a couple "pre-foreclosures" going for $129k...

So the guys who bought at $270k are "in the red" by $141k... or in other words they've lost 52% of their "investment" ("The Best Investment The Average American Will Ever Make: His House!")... and have mortgages and property tax bills and home insurance bills based on that "uber-large" figure...

Paying double what they would if they just "walked away" and bought the house next door...

And I don't see why it's limited to "my" neighborhood - just not "publicized"...

Then you're seeing a growing number of homeowners not paying their maintenance fees... over 10% where I live. How long until the Association can't pay the Storm Insurance? Then what happens? Good luck finding a buyer who can find a bank willing to loan him $$ for an uninsurable property!

There's not going to be an "easy fix" for what lies ahead... and with growing unemployment... look at all the shops closing their doors... and lower-paid jobs (if you can find one)... it ain't over yet!

Paul Owers should be fired. Thanks for not responding to my polite email asking if the editors support your decision to use misleading headlines to sell papers.

If greedy sellers would just lower
their inflated prices 20% this whole thing will end for good. Prices are only going to go down 20 percent more.

Blame Game wrote:

Where are all the realtors who said "Amendment 1" was going to save the real estate market in Florida? They said if we vote "YES" we wouldn't be stuck in our homes and we could sell and move on - and take our homestead with us through portability!
How is that working for us now Mr. Realtors?
Taxes aren't the problem - you idiot realtors were the problem. Over inflating the market and getting mortgage brokers to give people shady deals.
Take your Amendment 1 and pound salt. The only thing it did was make it more painfully obvious that local politicians are more oblivious to what is actually happening that we actually thought.

Actually this is bush's fault.

Chief Takes-Ur-Money wrote:

<quoted text>
I have purchased. If you think I'm running a scheme here - do your own research. The going rental rate for condos right now is approximately 30% higher than the mortgage/insurance/taxes/hoa on the same unit.
Go look for yourself. This is a time to buy. With so many people unable to get approved/buy a home - the rental market will continue to rise, and rents will stay relatively high. Those who can afford/have the credit to purchase should be buying.
I'll pick up a couple rental condos very soon.

What happens when the rules change to an owner only condo with no rentals allowed?

Blame Game wrote:

Where are all the realtors who said "Amendment 1" was going to save the real estate market in Florida? They said if we vote "YES" we wouldn't be stuck in our homes and we could sell and move on - and take our homestead with us through portability!
How is that working for us now Mr. Realtors?
Taxes aren't the problem - you idiot realtors were the problem. Over inflating the market and getting mortgage brokers to give people shady deals.
Take your Amendment 1 and pound salt. The only thing it did was make it more painfully obvious that local politicians are more oblivious to what is actually happening that we actually thought.

Well, don't you think thar it's a good idea that the local politicians wake up and learn to manage a budget with RESERVE funds for the next rainy day?

Underwater wrote:

<quoted text>
Once again..you need to realize it isnt just the SS..the whole USA knows to stay away from Florida..with bad housing,schools,crimes,high inflation and high unemployment..time, newsweek and WSJ carry our demise to the world...
Forget about Snowbirds..they are being woed by other states and other countries..no one has a desire to RETIRE in Florida..anymore..the 50's mentality is dead..

Drop SOH and the snowbirds will come back. We got tired of paying your fair share of taxes along with ours.

Nuts wrote:

What happened? I thought the tax cuts were going to save the real estate market. Now you jerks have killed the rest of our society with your ridiculous tax cuts. Schools, police, fire, hospitals and other government services are cut beyond the bone. Now it sucks here.

Why don't you ask your local government why they are cutting from the bottom and not the top?

Chief Takes-Ur-Money wrote:

<quoted text>
I have purchased. If you think I'm running a scheme here - do your own research. The going rental rate for condos right now is approximately 30% higher than the mortgage/insurance/taxes/hoa on the same unit.
Go look for yourself. This is a time to buy. With so many people unable to get approved/buy a home - the rental market will continue to rise, and rents will stay relatively high. Those who can afford/have the credit to purchase should be buying.
I'll pick up a couple rental condos very soon.

Are you trying to convince us? or yourself,(because you just bought), that now is the time to buy? You bought way too soon buddy! Do your homework! Those who do not learn from history are doomed to repeat it! We have to go down to median price at 3 times earnings! The market is well on its way and will continue to plummet until it gets there! Sorry for the bad news on a weekend! But dont worry...Call your realtor. They will say,(Why are you worrying that your investment is down 20-30%? I thought we agreed you are in it for the long term?..

It is the Sun Sentinel -- Broward's dying newspaper.

Do not forget they just laid off 70 people. How long will they last?

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.

guyof33 wrote:

Paul Owers should be fired. Thanks for not responding to my polite email asking if the editors support your decision to use misleading headlines to sell papers.

Does the Sun Sentinel actualy reply to emails? I once sent them one asking why they use Careerbuilder in their job search, because it's a waste of time to use them. Never heard back. That explains it...Oh then they had the nerve to send me an advertisement to buy their paper. Go figure.

Adding your intelligent comments already, huh? Don't you have a life?

Erika,

They DO NOT read email. Period.

Erika wrote:

<quoted text>
Does the Sun Sentinel actualy reply to emails? I once sent them one asking why they use Careerbuilder in their job search, because it's a waste of time to use them. Never heard back. That explains it...Oh then they had the nerve to send me an advertisement to buy their paper. Go figure.

Bottom line is prices, whatever they are, will continue to fall until the average household income can afford the median house price. Home Affordability is approx 3 to 4 times average household income.

bono wrote:

WAIT UNTIL THE NEXT CAT 4 HITS , THEN SEE WHAT YOU CAN SELL IT FOR !! LMAO SQUAT, NADA, THIS PLACE WILL LOOK LIKE HAITI

If a Cat 4 should hit, we are out of here whether we sell the house or walk away from it. As it is, we are making lexus payments for a dodge dart.

Food and fuel costs are enough. Factor in auto insurance (higher for broward??), FPL, car payments, etc...its totally out of control. Oh, did I mention salaries??