Hi Euterpe
Most of the problem is in new construction. The existing home market didn't have to compete against them for 2 years. Right now they are still competing against the big discounts etc that they are offering. That appears to be just about over with the lack of new construction on the east side of Orlando. So starting in Jan of 08, there will be no new construction in this area. At that time, people will have to buy existing homes, which will mean a 10% a month reduction in inventory per month, which should mean that the reduction of prices will hit bottom. Right now, 10% of the inventory is reducing prices every 2 weeks. I predict that the housing problem down here will be over by June of 08, with inventory levels being back to regular levels. In the areas that are out lying, taking probably till the end of 08 to evaporate. Goes back to location, location, location. The main problems are areas where one culture has taken over entire neighborhoods, which is a result of the sub prime deception. They have to rely on the same culture buying the neighborhood and with lenders only taking full docs. may be difficult. But with the weak dollar, who knows, maybe people from other countries will buy them up...... anyway, I see light at the end of the tunnel. The condo problem is something else. never liked them, I don't get them, unless they make it cheap to live, but then you have the huge association fee. Give me a double wide and a golf community instead.....LOL
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