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Originally posted by Tinhatman
Prices are going down so fast here near Orlando I can hardly keep up. There is an area here near Kissimmee and Poinciana where houses were selling for over 220,000 each for new homes (which they built thousands!). On craigslist now there are listings for these same houses selling pre-foreclosure or short for $98,000 or $110,000. Closer to their real value? No. The banks have black listed the area so unless you are paying CASH you are not going to buy one of these houses. The area is blacklisted because the banks know the values will continue to fall and that anyone who buys a house here in this rapidly declining neighborhood is going to suffer a loss and possibly walk. Folks with 750+ FICO AND 20% down are being denied mortgages here!!!
Housing is done and once all the people who bought in the last 3 years realize they are going to lose 40-50% of the value of their homes they will start to walk en masse away from their horrible horrible "investment".
A blood bath.
Consumer confidence down to 65 from 76.
The funniest thing I have seen today!
CL funny. Must see!!!
[edit on 25-3-2008 by Tinhatman]