So what has happened since my last couple posts? To put it simply, nothing. Lower sales numbers, lower house prices, lower expectation for a recovery. The only thing rising are the number of houses for sale. It has been amazing to watch the number of houses on the market explode over the last couple months. I run numbers each week of houses for sale in select Orlando zip codes and the trend is up, way up.
One new trend that I am noticing in the area are large price drops on select homes. In just the last three weeks I have noticed at least three homes in various parts of the city, all originally listed for between $350,000 and $450,000 drop in price anywhere from $60,000 to $75,000 in one fell swoop. Sure, there are still homeowners dropping prices a couple grand at a time but for others the desperation is setting in.
As for the fiancee and myself, we're still sitting on the sideline. I can't see purchasing a house for 2005 prices (yes, no longer 2006 prices) when all around are thousands of homes for sale dropping in price everyday. It doesn't mean we're not looking and making offers when we find deals where we think we can buy a place for 2003 prices; we're just taking our time. I suggest everyone else in the Orlando market do the same.
