One of the most devastated areas of our Nation for real estate are the areas surrounding Leesburg, Florida.
It is amazing that many at the local economic development corporation there are working hard to put a good spin on things, but to no avail.
More and more homes go on the market each month, and the prices keep dropping.
Some analysts believe that this is just the beginning.
Thus, if you are looking to buy a piece of property in that region it is best to wait until late 2009.
Why are things so depressed in this region? Well, because that area had a huge run up in home prices before the bottom fell out.
Now many homeowners or debt holders rather are underwater or upside down in their real estate values.
That on top of all the foreclosures in the area spells trouble and the banks are watching folks with negative equity walk from those properties.
Each time a foreclosure, walk-away or another home hits the market the prices plummet.
Is Leesburg area Real Estate in the swamp? Some local real estate folks say things are looking up, yet many of them said that in September of 2006 also, thinking that was the bottom of the market and advising their clientele to buy then.
What happened to those who listened? Well some of them saw another 25-30% drop in prices.
If you are looking for piece of property or to buy real estate in Leesburg, Florida, you might wish to think twice and be a little leery of anyone claiming that this is the bottom and it will only go up from here.
Indeed, it most likely will go down further, some say as much as another 20%-35% others are less bold in their dire predictions and are talking 12-15%.
So if you can take the hit of between 12-35% of your home value, then by all means maybe now is the time, but I have yet to meet anyone willing to throw that kind of money down the toilet.
Think on this.