So what went wrong?
Developers reduced the cost of new houses in order to sell them, and the mortgage interest rate started to escalate. Speculators who had bought property with a view to selling it on quickly for maximum profit also found that their fingers had been burnt, and the housing market looked like it was in freefall.
Well, the answer seems to be a cautious -Yes-. Overall, interest rates are still extremely competitive, and they are unlikely to rise substantially, unless oil prices go through the roof.
The number of new homes purchased has actually been increasing so far in 2008, and developers have been reducing the price of houses in order to get them shifted, making the price of new homes more affordable. Add to this the fact that interest rates are low, and it could be the ideal time to purchase.
-States such as Florida still present ideal opportunities for investment, with a wealth of tourist attractions such as Universal Studios, Disney World and Sea World, as well as Florida’s reputation for being the Sunshine State-.