housing bubble
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5/7/2006
The Housing bubble is popping. Many potential buyers are not buying, they are waiting for the prices to drop further. The prices are dropping, but not enough yet for the average guy to afford a house. I have seen many people who moved here to take a job, turn around and leave because they took one look at the housing market and said "no way, we can't afford to buy on the wages of our new jobs". Then there is a large population of homeowners who want to sell because they want to cash in on the inflated market, plus sell before hurricane season comes. It is really tough to insure your home here because the insurance companies are moving out. The result is a glut of homes on the market, and they are simply not selling. This is a military town. The average buyer is an enlisted soldier who will not buy because they are only going to be here for a short time, and cannot turn the house around and sell it when they leave,without losing their shirts, especially when prices are on the decline. The sellers are waiting for a wave of idiots to be their gravy train, but all I can say is "wake up and smell the bitter coffee"......they are not coming!!!!
Abhd | Niceville, FL