Housing prices falling in Florida
 

I doubt prices here will fall very much, but don't expect them to rise much either. Many people are trying to sell at prices they may have gotten a year ago, but they can't get that now.

I am not worried.

Are you?

I am not selling. If I were, I would be concerned. There are a number of houses in my neighborhood that have been for sale for several months. Two years ago, they would have sold in a few days or weeks.

those were crazy times. Obviously that couldn't last forever, and I'm guessing we are seeing a little regression to the norm.

Very much like the S&P 500 being at 4100 now instead of 4700.

House prices are certainly going to drop, with the new 1.00% added to the rate for mortgages of those with good credit

“Starting in May, a new federal rule will upend the current structure of the Loan-Level Price Adjustment (LLPA) matrix. Homebuyers with a good credit score could see their monthly mortgage payment rise by over $60 a month, while riskier borrowers will get more favorable mortgage terms because their fees were reduced. It's a move the Federal Housing Finance Agency (FHFA) hopes will address housing affordability challenges in the U.S., but it's come under scrutiny for being unfair and potentially ineffective.”

Well I believe this is the 2nd or 3rd month in a row now that prices and sales have declined nation wide; even states like Florida and Texas. What might be worth a worry or two, is the what the effect of the administration's "Home Act" (presently stalled out in congress) might have eventually on the entire real estate market nation wide... the old ripple effect, if it does get passed. Personally I am not as convinced as others are concerning the equity in mortgage plan. Will lowering the rates for those with poor credit, and raising the rate 1.75 % for those with excellent credit, really work out ? While it is a worthy goal to help low wage earners to become home owners, after the last sub-par fiasco I'm leery of "eliminating" bias in home lending by penalizing those who have been meticulous in their financial matters. Guess another "wait and see" if the effects will be negative or positive, but I think it takes effect soon.

The sky is falling ! We have a shortage of 3 to 5 million houses in the United States.. Florida Housing is in demand …updated houses sell! Wash your Balls and go Golfing

Any 5 year prediction is worthless. Look what unpredictable things happened just since the last presidential election. Stock market crashed. Inflation skyrocketed. Interest rates way up. Russia started a war. Gas prices doubled.

as an extrapolation of the current situation and generalized economic theory, and the future / predictions is never factual, even though its based on current facts. Its also meaningless unless you are in the market because you want / need to move, and even then 1-3% is not enough to make a significant difference if you have to move.

Stock market low was March 16 2020 - 8 months prior to the last presidential election.

Giving mortgages to unworthy credit risks worked great in 2008. Socialism at it's finest.

From today’s Wall Street Journal:

“Rising Mercury, Rising Home Prices

The Tampa metro area, which includes cities such as Clearwater and St. Petersburg, had overall inflation well above the national rate of 5% and the highest of any region the Labor Department measured in March. It trailed only Phoenix among places that the department regularly surveys. The largest Arizona metro registered a whopping 8.9% increase in prices in February over the prior year.
…

Southbound migration in search of jobs, sunshine and less expensive housing isn’t new, but was turbocharged during the pandemic. That increased pressure on housing markets, pushing up rents and home prices. But when housing is removed from the index, inflation in those areas is near the national average.

In Phoenix, the median rent payment rose by 26% over the prior year in February on a six-month moving average, and in Tampa the median rent payment jumped 23%, according to an analysis of financial data by the Bank of America Institute. Northern cities such as Chicago, Boston and New York saw equivalent rent payment increases of under 10%.”

Comparatively Florida area (Miami data was not available) seems to be increasing in demand.

Or was it capitalism at its greediest and worst?:shrug:

Yes, the beginning of covid caused that low, thank you to another country who was afraid of the USA at that point. Let’s remember that.