In market tug-of-war, homes don't move
Tampa Bay area home sales keep probing new bottoms. September's totals were off 39 percent from the none-too-spectacular sales of September 2006. That part about probing bottoms sounds proctological, but the market is about as savory as a barium shake. Why aren't people buying? Prices have retreated up to 20 percent. Builders are giving away the kitchen sink, along with Jacuzzis and hard-wood floors. Banks are dumping repossessed homes at discounts. Many blame high property taxes and insurance. The argument has a ring of truth, but also weaknesses. Sales are hurting to varying degrees all over the country, including areas where you can insure your house for $500 a year and taxes are lower than ours. Atlanta, anyone?
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