Here is a condensed-quickie take on today's market vs 2008 and why I don't think the market is going to crash. Lending standards are very strict now. In 2008 if you had a pulse, you could get a loan. Wanted to buy 2 or 3 homes?? Let's check that pulse... APPROVED . Our inventory remains extremely low. We only have a 3 months supply of homes for sale (6 months is considered a healthy market). In 2008 we had a 10 months supply, driving the prices down. There were SO many foreclosures flooding the market, prices had no where to go but down. People aren't using their homes as ATM's. In 2008 people tapped their home equity for cars, boats and vacations. You know, the "essentials". The available equity (before hitting 80% of loan to value) is at an all-time high. Only 1.1% of homeowners are underwater (owe more than their house is worth). People with equity have options to avoid foreclosure. Without all of the foreclosures of 2008 prices will contin
A place to find out what's REALLY going on in the Northeast Florida area real estate market.