Replies to post #49405 on SPDR S&P 500 (SPY)

[Footquarters]

Hi TJ








Bank owned are hitting the market. I am selling them like crazy as the banks clear the books. You are probably right for sellers in the general market, as the competition is bank owned, which are priced 20% below market. KBhomes is clearing the books with write downs on new homes. Right now 0 down, no closing costs for those that are building..... sold 2 last weekend..... Prices are at 2003 level, so you can buy a new home for 190K... 2 years ago they were at 285K...... I live in Orlando, work out of Oviedo...... Bottom is occurring right now, when the REO's are gone and price meets demand the herd turns ..... in real estate the herd dictates action.