Posted on 11/07/2010 2:34:57 PM PST by dragnet2
California and Florida had a lot in common during the housing industry's last boom-and-bust cycle.
Both were overrun by buyers hooked on high-risk mortgages, speculators who helped push prices to historic peaks and builders who didn't know when to stop.
But in the last year or so, California's housing market, though still weak, has begun recovering, while Florida's remains on the critical list.
California keeps things less complicated and largely outside the courtroom... Like 22 other states, Florida requires that repossessions be approved by judges...
"The California process is very efficient, and that allows the state to work through the foreclosure morass much more quickly, and the result is a more stable housing market and economy,".....
"Florida, in contrast,.... still have a long way to go
Home prices in the two states tell the tale.
California home sales and prices have tapered off since the boost from federal tax credits for buyers vanished in July, but home values are up considerably from the worst days of the bust. The median price for town homes, condominiums and single-family houses in September was $265,000, up 20% from the bottom in April 2009....
In Florida, prices in much of the state have struggled to find a bottom. The median price of a single-family home in Florida was $133,400 in September, a 48% decline from its June 2006 peak..Condominium prices have seen an even bigger plunge, with the statewide median hitting $83,400 in September, a 61% drop from its June 2006 peak.
Standard & Poor's index, shows prices in Los Angeles up 10% from their bottom, San Diego up 14% and San Francisco up 21%.
In Miami, home prices have remained relatively flat, up 2% from their bottom, and Tampa-area prices have yet to stop falling.
(Excerpt) Read more at articles.latimes.com ...
” Why is California recovering “
Who writes this stuff?? The same guy who wrote Baghdad Bob’s “There are no American troops...” material??
Let the spin...begin
Hm...The housing market in California is recovering? Someone should let the Sellers and Real Estate Agents know.
Yet from another article out today...
___________________________________________________________
Florida: Taking on a Second Mortgage to Pay the Foreclosure
November 07, 2010
For some Florida residents, the price of getting out of foreclosure will include taking on a second mortgage
http://www.freerepublic.com/focus/f-news/2623209/posts
California is NOT recovering from anything. More things are going into foreclosure than you can shake a stick at.
After the enviornmental crap props take effect we get a 60% raise in utility rates and probably $5-6 dollar gas (which could pretty much put a stake through out heart for good IMO).
Was someone on drugs while writing this article?
Were they prop 19 sponsors, because they sure sound like it.
No, it’s all bad in CA folks.
If true, this is good news for me. I can sell my house, not give it away and get the hell out of this sink hole before it’s too late.
Because it’s California, sunny, warm beautiful! nuf said.
I am a Florida lawyer who does a lot of foreclosures—in my case commercial foreclosures. The article is right on the money, actually. Our foreclosure process takes forever because it’s got to be approved by a judge, and there are not enough judges to handle this many foreclosures. Additionally, they inevitably tell you to take two steps backward if the property owner shows up and resists.
lol...Thanks for the honesty...
Don’t Panic! Governor-elect Moonbeam will fix that evil capitalistic housing issue! Free homes for everyone!
The LA Times is a communist propaganda rag.
California is at the brink of total financial collapse. All it’s gong to take as a few months of the socialist world workers party Moonbeam Brown leading the homosexual dominated socialist state legislature to push it over the edge. California is going to plunge beneath the waves, but it won’t be due to the big quake, but the big FLAKE!!
See the comment from the gentleman from Florida at #9
California is recovering? Who Knew! LOL
Before the foreclosure crisis, our filing fee for a foreclosure was $200. When the foreclosures skyrocketed, the legislature increased the filing fee to almost $2000. I suppose they followed Reagan’s advice: If you tax something, you get less of it.
Did you see this?
_________________________________________________________
Florida: Taking on a Second Mortgage to Pay the Foreclosure
November 07, 2010
For some Florida residents, the price of getting out of foreclosure will include taking on a second mortgage
http://www.freerepublic.com/focus/f-news/2623209/posts
I’d rather be in Florida...a red state that just got a whole lot redder. We just destroyed a Obamabot candidate for governor, swept every statewide election and are replacing four RATs with strong conservative Republicans in the House...plus, no state income tax and none in sight...no illegal immigrant problem to speak of....one RAT senator on political life support who has a big target on his back for 2012.
Because it’s California, sunny, warm beautiful! nuf said.’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’ Because its Florida, Sunny, Hot, Humid and invaded by snowbirds. However if the value of the house goes down so does the taxes. Speculators lost big time down here with high rise condos. We lost a little on our house but we can still sell for what we paid for it in 2005. But we’re on the water surrounded by golf courses, and why would we want to leave? Californian has nice weather but its like living in the city suburbs there. The roads are always crowded. Spent time in Silicon Valley and experienced the traffic. I thought I was back on the LIE.
Sorry, California is done for. Moonbeam has come back from the grave to deliver the final socialist coup de grace.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.