Home property value survey

parent2noles
Mon, 30 Jun 2008 09:42:13 +0000

Sarasota, FL

Home value rocketed up, more than tripling to 4x value in less than 5 years. Prices have fallen back about 25%, where they have remained stable, as far as I can tell.

Speculators rushed in and bought everything in sight at the peak of the market. Sellers had buyers in bidding battles for average properties during the run up. Aggressive mortgages enticed those with bare abilities to pay to buy as well. Foreclosures now fairly common among those whose financial durability was inflated to qualify for huge mortgages.

Many of the poor live out from the coast (the most expensive areas) and are getting clobbered by high gas prices in their commutes to work.