Florida


Home Builder WCI Communities Files for Chapter 11


WCI Home Builders could not obtain the necessary funding to maitain a healthy cash flow.  With $2.18 billion in assets and $1.92 billion in debts WCI had to file for Chapter 11.   WCI Home builders focus on the luxary real estate market where most of its business is centered out of Florida (one the top states for declining real estate prices).   A week ago its stock went from 99c to 2c.  This is a far cry from the ~$20 it was trading for about a year ago.   This is yet another plea for help in our declining real estate market. 

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66 Places to buy a Home in this Declining Market


According to MSN there are still areas that hold a potential profit if you decide to buy a house and hold it for some time in this market. Below is a table that forecasts out expected equity for homes in different cities (with the assumption that you hold on to it until 2012). Texas, New York and South Carolina seem to be the top winners with the most cities on the list. This is atlease a 4 year investment so don’t expect to flip and run…

How much equity you’d have by 2012 if you bought a low-priced home today…

This is a preview of 66 Places to buy a Home in this Declining Market. Read the full post (566 words, estimated 2:16 mins reading time)

And the Award for “Largest Decrease in Home Values” goes to…


Here are the 10 top cities for decreasing property values (as compared to a year ago):

  1. Sacramento, CA (-18.5%)
  2. Las Vegas, Nev. (-17.2%)
  3. San Diego, Calif. (-17.1%)
  4. Tampa, Fla. (-11.7%)
  5. Los Angeles, Calif. (-10.7%)
  6. Miami, Fla. (-10.6%)
  7. Phoenix, Ariz. (-9.5%)
  8. Jacksonville, Fla. (-8.7%)
  9. Detroit, Mich. (-7.7%)
  10. Atlanta, GA (-7.1%)

Click here for the full slideshow from Forbes…

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Recession Looming for California and Florida due to a Declining Real Estate Market


Though the “R” word has been on the tip of everyone’s tounge for the nation, today MSN posted an article stating that both California and Florida (two of our largest US economies) are pratically in a recession. The primary factory is contributed to the continuing declines in both the number of home sales and sale prices:

“Existing home sales fell 36 per cent in California and 30 per cent in Florida in the year to November 2007, against a national decline of 20 per cent. Median sale prices fell 12 per cent in California and 10 per cent in Florida, against only 3 per cent nationwide.

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