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South Florida

Homes bought in 2005 hardest to sell

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Homes bought in 2005 and 2006 are the most difficult to unload, with
nearly 79,000 homes and condominium units sold in Broward and Palm Beach in those
two years facing a particularly tough sell. “A lot of people were swept
up in the euphoria going on at the time and felt if they didn’t buy a
house then, they’d be priced out of the market forever,” said Mike
Larson, a Jupiter-based housing analyst. “They probably jumped off of
the fence before they were ready to be homeowners, and now they feel
trapped.” Purchasers at that time typically paid at peak prices, with very
small down payments. [Palm
Beach Post]