Mortgages and the Housing Market

November 11 2008 - Taylor Bodoh and his family moved into their three bedroom, two bath home last December…and it was a perfect fit.

Bodoh says when he was searching for houses, his family was a big reason for choosing a home.

Bodoh says, “We thought that our family would be growing, and also maybe that I could have a little office space for the time being.”

Statewide, homes are becoming more affordable.

The average price for existing Florida homes dropped 22% from last year- $224,700 in September 2007, $175,100 in September 2008

Realtor Matt Hale says, “The easiest way to describe this is what does Wal-Mart do when Wal-Mart has too many of a certain item? They move it to the front of the store and they cut the price.”

Your Money, Your Life, Your Decision: Mortgages and the Housing Market