In Florida, home prices continue to fall. Historical data and my current forecast for prices into this summer are shown in the graph.
Thursday, January 1, 2009
Florida Home Prices
The Case-Shiller home price index for October came out this week and the results aren't pretty. Home prices took a dive in October across most of the nation as credit continued to tighten. Lenders continue to tighten standards for mortgage borrowers to the point that now half of all homeowners with mortgages couldn't qualify to refinance their current mortgage balance. For those that can, rates are at historic lows. This is a great time to refinance for those who qualify and are currently paying over 6.25%.
In Florida, home prices continue to fall. Historical data and my current forecast for prices into this summer are shown in the graph.
In Florida, home prices continue to fall. Historical data and my current forecast for prices into this summer are shown in the graph.
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1 comment:
Thanks for the update and great chart!
Despite the decline, prices are still up over 50% since 2000. That beats inflation but I think it is close to reflecting "phantom inflation" which is seen in the price of Gold.
See DOW Priced in Ounces of GOLD: A Secular Bear Market!
It will be interesting to see where real estate, the stock markets and gold reach some sort of equilibrium after the dust from the credit bubble implosion settles.
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