Florida Housing Market Headed for a Recovery.......

[jschurchin]

in 2030, according to Moody's anyway.

Dumping the so-called dirt bonds at a discount was a better bet, the Boston-based Metzold said, than taking over 218 empty acres (88 hectares) from the project’s builder and waiting for a real-estate rebound that may not come until the early 2030s, according to a Moody’s Economy.com forecast.

But even better is the fact that investors are dumping their holding's at $.26 on the dollar.

While Metzold wouldn’t say what prices he received, two trades in Tison’s A bonds were made on Aug. 17, 2009, in the amounts sold by the Eaton funds, according to Municipal Securities Rulemaking Board data. A customer sold at 26.79 cents on the dollar, the trades show.

Not to worry though, our friends at the banks are valuing this stuff at 100 cents on the dollar. Here's the article from Business Week;
http://www.businessweek.com/news/2010-03-09/eaton-vance-dumps-dirt-bonds-as-florida-land-districts-default.html

Enjoy.