May 28, 2008 8:34 am US/Eastern
Ft. Lauderdale Homeowners Seek Housing Help
FORT LAUDERDALE (CBS4) ―
CBS4 News encountered half a dozen people on a Ft. Lauderdale neighborhood trying to sell or rent their homes. Many are stuck, and everyone is left wondering how low things still have to go during this recession.
"We don't have the funds to pay the mortgage," said Nathan Cohen.
Cohen and his family are among dozens of South Floridians who attended a workshop Tuesday night to get help saving their home. It is another sign of a deeply troubled housing market. New numbers show Miami Dade and Broward home prices dropped by a quarter over this time last year.
This area trailed only Las Vegas. Nationally, home prices fell about 14 percent.
And as homes sit on the market, more and more people feel trapped. And more and more people lose confidence.
Consumer confidence is at a 16 year low in the Sunshine State. Florida's consumer confidence ranked just higher than the national average.
For the Cohens, and so many others, it's their personal disaster. While many bought homes they couldn't afford. Others suffered job losses or health problems that prevent them from paying the bills.
"We don't pay the credit cards. We pay the minimums if we can. Since my wife doesn't work we try to survive on my salary," said Cohen.
And for little Oz, Nathan Cohen remains optimistic things will turn around.
This may take a while though. CBS4's Carey Codd spoke to a South Florida realtor to get a gauge on the market: She told him expensive homes—in the $750-thousand range and up, are beginning to sell.
But homes under half a million are not. She believes the most important thing right now is to make sure your home is priced right. Experts don't expect things to start moving for at least another year or so.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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