I continue to be amazed at the drop in prices in the Jacksonville market! It's no wonder, with all of the negative press that we're exposed to every day! I think that the prices will bottom out the day the news outlets say they have bottomed out. Until then, there will be lots of "fence sitters" biding their time until they feel like the prices won't fall any more. It seems like there are lots of different predictions out there right now. I am hearing anything from mid 08 to early 09 before prices stabilize. Maybe if the Feds reduce the prime interest rate again soon, things will pick up. I am waiting to see how many new foreclosures there are in early 08. There are several million ARM's that are due to re-set in January...this should tell us a lot. Hopefully, there won't be too many more people walking away from their houses. It's just sickening to hear how much the monthly payments have gone up. It's no wonder they are in financial trouble...
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