Shel, There have been "relatively" few liens almost none on banks by associations. Maybe some property managers can report just how bad it is getting. Lots of investulators paid cash and are listing upside down. Many have sold and the individuals have eaten the loss without "to much" stress to the hoa's. The majority of shorts reo's and foreclosures in the condo towers go quickly once the sales prices are near pre construction prices. Panama City is in the low to mid 200's per foot. One banked owned uber $$$ condo in Seagrove has had a few sales of over a million recently and the redfish group has only had to deal off a few units in the low 200's per foot. As far as dirt goes prices are actually great in a bunch of areas and still not selling. I keep waiting for more shoes to drop. In the past it has always been easy to see the end of the tunel because it was announced with a mother of all absolute auctions. It appears this time the financial institutions are on cruise control.
Meanwhile you are probably right about how long it would take to sell existing inventory. long long long...time
