CoreLogic ISSUES CRASH WARNING FOR 3 FLORIDA CITIES

Unsold inventory is piling up across the state of Florida with Florida now having more homes or sale than any other state in the country. Prices are falling as much as 8% year over year in some metros of the state and this is only the beginning.

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[CharlieNelson]

I’m in Massachusetts and real estate in the last 6 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quite mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.

[RickAndell]

A 10% drop for a house that sold for $300K in 2020, listed for $700K in 2024 and is now listed for $630K is inconsequential.
If this house drops back to $300K or even $350K, I’ll be interested.

[JasRoss]

The problem is, SO many people moved in during the pandemic years that many parts of FL saw 50-100% price increases, without any exaggeration! So, seeing -6% or -8% is absolutely nothing to getting a reversion to the mean. We need -30% to -50%. Florida has typically had a sub-par median income rate vs the rest of the country, so the housing needs to get in line with that statistic.

[DonaldMark-nese]

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[tatianastarcic]

It is difficult to make exact projections for the housing market as it is still unclear how quickly or to what degree the Federal Reserve will reduce inflation and borrowing costs without having a substantial negative impact on demand from consumers for anything from houses to cars.

[SQootSMEChannel]

My son asked me if it’s too early to look at apartments at age 16. I told him to be patient and wait until after the storm hit. He said “what storm”. I said the one that’s about to hit millions of people’s pockets.

[Semir-ib]

I bought my house in Saint Augustine, FL in 2020 for $235K at 2.75% interest rate. FHA loan. Although the mortgage rate is amazing, the home owners insurance is absolutely skyrocketing to the point where it defeats the purpose of a low mortgage.

[eugeneb]

People are priced out of markets across the country. This is unprecedented.

[susanscavelli]

Sellers can't get over that prices are dropping!

[bigbluecrab]

Think of how many Canadians are selling, or not coming to Fl this year...Gold is over 3100 as I write, Buffet is in 335 billion in cash..there are signs.

[DesireeGonza]

People are priced out. Prices have to come down about 50%.

[BK-dyjk]

Here in Naples, Florida, I have three families that are trying to sell their home and they just keep dropping the price. The comments are I’m afraid of the big storms, insurance rates, worry of evacuation, weeks of no power, buying and then deciding to sell to get out and losing a lot of money from the sale. Also they keep moving the flood zone areas and then justify the rate insurance increase. This uncertainty is a major problem for a homebuyer wondering if it’s worth it. People are looking but very few buyers.

[SophiaSchmidt-ww]

I've been watching the housing market closely, Prices have been skyrocketing for years. It's going to be tough for first-time buyers to enter the market." how can one diversify $280k reserve .

[JP-tdqh]

For properties that have increased by 50 to 60 percent, a decrease of 7 or 8 percent doesn't seem so critical.

[blaster-zyxx]

if you purchased 10-15-20 years ago, you are FINE selling your property. If you have only owned it for two years, you are screwed.

[jamesbass]

Mike, there needs to be at least a bare minimum of a 35 to 40 percent drop in active asking prices for real estate in Florida. Anything less than that just does not match people's yearly income. People's income just cannot afford current real estate pricing.

[marblox]

Prices need to be "Corrected" even more. In ALL industries.

[beerbrewer]

Would love to see a huge correction in South Florida. Pulte is building homes in Davie, Florida starting at over $1, 000, 000 for a 2400 square foot home. Still crazy. Someone making $100, 000 has to buy a condo or live in a trailer park. Insane.

[kenday]

I have no regrets. Cutting the cord with my dish network subscription because of shows like yours.... Thanks, Michael.

[gstreitenberger]

Good call on investment versus place to live. Thanks for explaining to people the main points of owning and living in the house. Seems simple yet many people don’t understand.