In the aftermath of the housing bubble

Joe Spake — Sun, 03 Jan 2010 16:51:42 +0000

From Peter Goodman at the NY Times: Real Estate in Cape Coral, Fla., Is Far From a Recovery (ht Calculated Risk)

This is not the most uplifting article.Â Goodman joins a Foreclosure TourÂ and reports on the facets of the clean up of the messy real estate bubble burst.

The Story lost its magic amid the realization that speculators had simply been selling to other speculators, making the real estate market look like a Ponzi scheme. The ensuing crash was breathtaking. By the winter of 2007, median housing prices in Cape Coral and the rest of Lee County had fallen to about $215,000, down from a high of $278,000 in 2005. By October 2009, they had fallen to near $92,000.

Maybe I need to stop reading the national real estate news.Â Â Every day there are more an more of this type of story, as well as auctions, short sales, bulk sales, foreclosuresÂ – subjects we in the residential real estate business seldom, if ever, dealt with 5 years ago.

We were busy helping folks achieve the American Dream of home ownership.Â Â The last decade brought about remarkable changes in the real estate market and the real estate business.Â Â Â It is time that we pull ourselves out of this mess and reclaim the American Dream.Â Sure, there is room for the investors, who seem to be ubiquitious in the markets, but I am ready to help bring back the Dream – folks buying homes to live in!

Joe Spake is a Memphis, Tennessee based Consultant, Real Estate Broker, and Blogger. Call 901.214.5563 for a consultation or click to make a social connection.
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In the aftermath of the housing bubble