Miami Congress (Dr. Yun) Pt. 2
On home price trends:
1) Miami as a whole is down 15%. The areas with subprime property prices are down 35%.
2) In areas with no subprime foreclosures prices are unchanged.
3) Long time buyers are doing fine. Flippers are out of luck.
4) Location is more important than ever.
5) Wall street is facing and taking huge write-downs. The new CEOs are writing down losses that are higher than the real losses so they can be heroes and take credit for the major turnaround.
6) Mortgage rates are died to inflation, not to the Fed Funds Rate. Adjustable rates are tied to LIBOR.
Continued…..
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
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