Sorry to have to bring you more bad news, but In a St.Petersburg Times editorial entitled ‘The Real estate slowdown is coming home across area’,
journalist CHUIN-WEI YAP stated in his April 16, 2007 article that, sadly, sales are still down and the glut of unsold homes is way up, which is contradicting the optimists who predicted that the market would turn around by the spring 2007.
Only 2 years ago, 1 in 2 homes sold in any particular month. But today, the same period would see 1 in 20 sell.
He also reports that a new vocabulary is emerging in the real estate market, referring to terms such as “short sale,” which means a seller getting less from his home sale than what he owes
in loans; and “home staging,” which means the art of dressing up a home to look model-pretty just so a buyer might take another look at it.
….”Foreclosures have more than doubled,” states one Linda Pichler, vice president of business development for Consumer Credit Counseling Service of Central Florida.
Let us hope that this recent trend of negative news does not continue for very much longer.