Proof That Something Serious Is Happening (FLORIDA CRASH?)

We all know that home prices across the nation have been rising at levels we have never seen before, but one place, in particular, is facing challenges far beyond what resembles any bit of normalcy, and it's making everyone question the stability of this particular market, with many asserting that we are in the middle of yet another bubble.

P/E Charts

Video Clip Michael Bordenaro

Cash Buyers Chart

[ajstephen]

People are not buying houses, Corporations are....

[austinbar]

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.

[jq]

Corporations and hedge funds should be prohibited from purchasing single family homes and condos.

[jerrycampbell-utyf]

A Financial Planner told me Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. How can take advantage of compound interest and potentially grow your retirement savings overtime?

[damo]

Florida resident here. Been calling this for almost two years now. Florida is getting hit both by an inflated market and soaring insurance rates. Even if people bought low and have a nice mortgage. Their escrow is short every year due to increased insurance. Which increases the homeowner’s mortgage by hundred of dollars every year.

[jaws]

Its not cheap to live in Florida anymore, especially in Tampa. Grocery prices are through the roof! Rents are outrageous.

[romanhollow]

Florida's wage levels were NEVER anywhere near reasonable.

[mike-uwwt]

Florida is circling the drain. Completely sold out to developers that built in places that should have never been allowed.

[jasoncarter]

Moved from FL to TN back in 2014. Bought a large, brick home on 2+ acres for $200k and never looked back.

[XxWednesdayxX]

Florida resident. The main 2 issues that lead to the bubble NOT bursting, are; companies purchasing entire neighborhoods to rent out, and individuals/companies buying houses to use as Airbnbs. We can't find homes to buy because as soon as they go on the market one of these companies snatch up the homes to rent out. We need legislation against companies owning residential housing, and how many airbnbs are allowed in an area. Because I know several condominium complexes that are just ALL Airbnbs now. It's gross.

[Havok]

As someone who just left Florida last October - if incredible weather means scorching hot with 100% humidity for 8 months of the year, then yes, the weather is perfect!

[sailorkaren]

Having lived in the Naples/Fort Myers area for 8 years now, I can see the Honolulu scenario playing out. It continues to be a playground for the rich here, and I don't see them giving that up anytime soon. Although I do wonder who they are going to get to fix their plumbing and mow their lawns.

[maxr]

I retired last year, after living in Florida for 34 years. I sold my house. I moved to another state. Where I could pay for a new home in cash. I have no house payment for the first time in my life. It is not a glam house or neighborhood, but I have peace mind having no more 1500 dollar a month house payment and 5k insurance bill, besides the taxes.

[marchadwick]

Property taxes is how they steal your home . Solman

[consumerdebtchitchat]

I make 62k gross as an 18-year middle school teacher in florida. If I did not own my 840 sq ft condo, and were still living in my old apartment, I would be paying 50% of my take-home in rent. That would not include electric, water. In short I would be flat broke.
Making that type of income and watching approximately 55% go to housing is not sustainable. Eventually something gives.
My old apartment when I moved out 2020 was 1K month. It now runs 1800 for 675 sq ft.
I know people with kids who have been forced to move back home.

[blacksilver]

He's not lying. I got approved for a mortgage loan in 2020 in Palm Bay. Shopped for houses at around 220000. Average homes were 150000 to 250000. Fast forward today, those same homes are I do chuckle when I hear news reports of homes went up 40%. Where? Brevard County has doubled and tripled in prices. And you can't compete with the "new comers"😂

[Nordy]

I live in FL and imo it’s exactly the same as 2006-2007. New Buildings going up everywhere for seemingly no real reason. Construction for the sake of construction because everyone moved here during Covid then the developers thought that trend wouldn’t end.

[btuesday]

No one can afford these houses, but someone is buying them. It's like Yogi Bera once said. "No one goes to that place anymore, it's too crowded"

[Andres_]

The fact that there is already an excessive amount of demand awaiting its absorption, despite how everyone is frightened and calling the crash, is another reason why it is less likely to occur that way. 2008 saw no one, at least not the broad public, making this forecast, as I'll explain below. The ownership rate was noted to have peaked in 2004 in the other comment. Having previously peaked in the second quarter of 2020, we are currently at the median level. Between 2008 and 2012, it dropped by 3%, and by the second quarter of
2020, it had dropped from 68 to 65

[tannerthornton]

As a TN resident we’re experiencing the same thing but what isn’t discussed enough is where are we supposed to go? Our wages our lower than the rest of the country so we can’t just up and move.