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Well are you better off that you four years ago.
Your home is likely to be the biggest investment you eleven night so is that investment better now than it was four years ago.
Joining us now it's amounted to be actually a -- DV -- -- The real estate in South Florida and Tim wallop from Coldwell Banker in New Jersey and -- last both about real -- people exactly the same question and -- solving would you Samantha.
Are you better off the homeowners of South Florida -- -- -- better off now than it was four years ago in -- all the equity in now go.
In terms of -- the answer is now.
Here in South Florida homeowners -- home owners are down 46%.
There underwater 46%.
-- in 2008 they were under.
Well let me numbers don't lie.
You -- explain not one to me.
As of today 46%.
On the war to does that mean.
And got their equity -- shrunk by 46%.
Compared to whatever we you comparing it to is that right.
I'm comparing to people in in 20084.
They were under -- 28% whereas vs now the 46%.
So people have lost equity there's more people.
That have negative equity now personally -- -- OK so you attended the number all people who are on the water now 46 per -- lost 28% so essentially in your area South Florida people are getting worse oftentimes the homeownership and got that yes -- Look at -- -- -- -- -- you tip your real estate person in the state of New Jersey my home state got it in your area if I ask you the same question.
All you better off now in terms of equity in your home now compared to four years ago what's yours.
Unequivocally no giving examples on the perfect example I can give -- I was involved with the transaction where the on.
Seller -- the house back in 2007.
He border for 475000.
We just sold the house and closed on in April 2012.
Suddenly five to 350.
So they original owner who bought -- back in those seven.
That person has lost 125000.
Books that we have in the home or 26%.
Now that's all you better off now -- you -- four years ago is a different question.
All prices in your area that get anywhere else in the country in your area -- -- starting to move all apple.
We're starting to see a little stabilization.
In in the the prices -- course.
Stabilization that made you come all the way down -- you just bumping along better kind of flat lining that's what that's what I'm saying no balance.
We haven't haven't seen a balance has a Fiat tried to hold on -- second Samantha same question to you apart from the a number of people going up in terms of on the ward.
How about home prices in your area South Florida I think.
You have started to see about exco.
We have started see -- -- like we spoke about last time.
Single family homes are still up 6% condos are still -- quite a bit so we are seeing these prices increase.
OK last question to you Samantha our.
Loans home loans any he's yet to come by in your area.
They are slowly getting better it's not as easy as you know it used to be but again that's a good thing because like we said before you should only be buying if you -- if you're ready willing and able if you have a job a secure job.
If you have money in the bank and if you can actually up Ford.
A down payment.
Okay Samantha I'm gonna turn to Tim if I mean your area looking for home -- I've -- -- happen I presume 20% down a job.
Proof that I've got the job and some savings on the decent guy right.
No note how The -- blew -- and in decent guy I don't know I don't know a lot of I don't know I.
We do a lot of FHA.
Okay you're required to have three and a half percent down the credit score you need on -- about 61 and really yes sir and then we also you can do -- 10% down loans as long as you have good credit you're gonna have your credit scores going to be.
I think the last time I was here 680 -- getaway with 660 were.
Better OK yes so that we -- -- job stability OK but the Tom's of the load on getting a little bit easier for the borrower who may be hard pressed the problem a lot of people are running into his with.
The buyers partner -- -- What's the problem with the -- The house has to praise for what they purchased that if there was some 20% down on the price of the value really independent.
Who -- of the appraisers have no emotional attachment to the transaction whatsoever.
Tim Wallace so that you would agree -- -- I I completely agree I've been dealing with this day in and day out we need those of appraisals are commenting common.
At the at the right point.
I just got a very low -- -- my house and -- I'm still -- to this day.
Samantha -- -- thank you very much indeed to mark again speculative and I.