Yes, the housing market nation wide is down...but look at yesterday's housing numbers. The south (outside of FL) is not dealing so much with the market correction that the NE and W are. It never "boomed" to begin with. Yes, there is sub-prime fall out in the market and foreclosures are up because of ARM's re-adjusting. However, the media is after a story. That's how they get paid. I am working with developers in MS, NC, SC and FL who haven't skipped a beat in today market. You can still get 100% financing at 6.5%. You can still get the seller to pay for closing costs. And there is still the largest re-distribution in wealth in our nation's history going on with the retirement of the baby boomers who are leaving the NE for cheaper pastures in the sun-belt and gulf coast. Don't let the media confuse the issue. There is HUGE opportunity for PBLS on the Gulf Coast right now and I have the contracts, statistics, realtors, developers, and lenders to back up what I am saying.
There are essentially 4 states skewing the housing numbers: CA, FL, NV and AZ. They had unbelieveable amounts of appreciation from 2000 to 2005. Now all the statistics show that we've seen the "largest declines in x decades." Of course we would coming off such unbelievably good years...
MS is one of the fastest growing real estate markets in the country (10-15% annually in a down market isn't too shabby)and some of the top 10 cities for appreciation in the country right now are right across the border from PBLS HQ (Gulfport-Biloxi). Hopefully they are taking advantage of it.
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