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June 27th, 2007 2:07 PM by David W. Welch
Personally I think we have already landed. Check out the article at www.orlandosentinel.com. I am not disagreeing with the economist, but I do feel like we have hit the bottom, and have been sitting there for several months now. Prices have not really moved, and resales have been pretty steadily about 40% below last years numbers.
I don't think that it is any coincidence that investors made up about 40% of our sales the last two years. Many of those same investors are now sitting on homes that they are trying to sell, or they have them rented out.
I estimate that we are looking at about another 12 months of excessive inventory. It will take that long for the builders to work through their build-up. Watch for builder incentives to go by the wayside by the end of this year. That will help immensely in the resale market.