Local Market Monitor Finds Many Local Markets Hit Bottom in 3Q
Home prices in many U.S. markets hit bottom in the third quarter, but some large metropolitan areas, particularly in Florida, are still in trouble, according to data from Local Market Monitor.
Palm Coast, FL – December 10, 2010
Home prices in many U.S. markets hit bottom in the third quarter, but some large metropolitan areas, particularly in Florida, are still in trouble, according to data from Local Market Monitor.
The real estate analytics company said home price data may be skewed because of recent halts of foreclosure sales as servicers reviewed possible documentation problems.
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Toby’s Commentary: I agree that the data is skewed by recent foreclosure halts. Flagler County MLS reports only 19 homes closed month-to-date. Uncharacteristically, 8 distressed sales (lender owned via foreclosure and short sales) represent significantly less than 50% of all sales for the first time in many months.
Deals To Be Had
Not every "bargain" in Flagler County / Palm Coast is a "short sale" or Foreclosure property–My recent Personal experience is evidence—Bottom may not be today, but surely can’t get much lower in value in my humble opinion or we are all in for a Major downfall———-
Bottom Yet
How low can it go, Receent sales are in the $40. to $60. per square foot, including lot. No builder can build for less than $100. per square foot excluding the lot.
Kind of tells me that the bottom was reached quite a while ago. In many cases this has to be a lot less than renting a place to live. Now if only the system would free up mortgage money for those without 805 (FICO) Scores, the market would reallt take off.