US: Mike Morgan's Real Estate and Housing Industry Outlook

I was wonder where he had got too! Those are good reports.

I can’t tell you how dreadful things are in Florida right now as the credit crunch puts more pressure on an already crashing market. I just had a quick look at prices in my old neighborhood and was shocked at the prices. Here is a quick history of homes in the development.

Spring 2005 - House could have sold quickly for $220,000

Prices held steady through spring 2006

Summer 2006 - $210,000

Fall 2006 - $200,000

Winter 2006 - $190,000

Spring 2007 - $175,000

Summer 2007 - $160,000

Today - House listed at $139,000 (same as 2003 prices)

The funny thing is, there are still people holding out trying to get $220,000 for their house and have been listed for nearly two years. I think current prices will return to year 2000 levels at below $100,000. Start putting together your vulture funds, because cash will be king in the summer of 2009!