| Ocala Florida, established in 1846, is the seat of Marion | | | | foreclosed properties on the market. |
| County, in Florida, and is known as the horse capital of | | | | Ocala horse farms have not been hit quite as hard as |
| the world. Although thoroughbred horse breeding is one | | | | homes in more urban areas. Horse farms range in |
| of the primary businesses in the area, so it is not | | | | price from around $300,000 for a small acreage |
| surprising that when the economic downturn began, | | | | parcels to multi-millions of dollars for hundreds of acres |
| Ocala, would not escape the crunch the rest of the | | | | and extensive outbuildings. Owning and raising horses |
| nation was feeling. | | | | is an expensive venture, and the industry has been |
| The current economic crisis actually began with the | | | | impacted by the weak economy. Although the number |
| burst of the housing bubble in the United States. | | | | of horse farms for sale has increased, the prices have |
| Housing values had become so overinflated throughout | | | | not really gone down much. |
| most of the country, that a decline in values was | | | | The horse farm industry was hardly involved in the |
| predictable. But the crash was much worse than had | | | | mortgage industry meltdown because mortgage |
| been anticipated by anyone. | | | | lending rules have always been tighter for agricultural |
| As unemployment continues to rise nationwide, an | | | | land. Buyers of this type of property have always had |
| industry centered around leisure and entertainment, | | | | to come to the table with substantial down payments. |
| such as horse breeding and racing, tends to feel the | | | | However, because the trade in thoroughbred horses is |
| crunch perhaps more than industries that are more | | | | a luxury type of transaction, the revenue from horse |
| related to basic survival. In fact, in this recession, even | | | | sales this year is expected to drop 25%, and this will |
| food related industries are being impacted. | | | | very likely impact the number of horse farms for sale |
| Ocala real estate is a mix of homes and farms. The | | | | in the spring. |
| population there has been growing steadily for the last | | | | In the last few months, with a boost from historically |
| twenty years. In fact, Ocala Florida is one of the | | | | low mortgage rates and the first time home buyer tax |
| fastest growing areas in the country, and has been for | | | | credit, the number of real estate sales has been on |
| several years. | | | | the rise. There has been a 63% increase this year as |
| Ocala has been affected by the failing real estate | | | | compared to this time last year, in existing home sales. |
| market in Florida. The median sales price of homes in | | | | Also, because Ocala is prime real estate, with two |
| Ocala is $98,750, a 25.2% drop from 2008 values, and | | | | major cities nearby, and at the crossroads of some |
| just about 50% of the $173,100 median price of homes | | | | major freeways, real estate investors have been |
| across the country. There are more than 800 | | | | swooping up properties at these much deflated values. |