Normally MAGA-friendly-ish shitty British tabloid the Daily Mail’s got some very unfortunate news for one of the Deplorable-est states in the country: Florida’s housing market is headed for a major crash, with the situation particularly bad in convicted felon President Trump’s adopted political homeland of South Florida as inventory of new housing units in Miami-Dade, Broward, and Palm Beach counties have quadrupled since 2022 as “panic selling is setting in” for homeowners.
Other regions of the country are seeing warning signs as well, but it’s a unique confluence of problems in Florida – high mortgage rates, HOA fees hiked up for new safety measures after the Surfside Condo collapse, insurance costs four times the national average due to hurricane threats, and stagflationary prices – that are fucking things up. “It’s kind of like this perfect storm now,” said some real estate hustler quoted in the piece. “People are being priced out, newcomers are drying up, and more homeowners are choosing to sell.” A report in Redfin finds that out of the top five areas where investor purchases have dropped the most, three are located in Florida.
Remember the part in The Big Short with the Sunshine State stripper who said she owned five houses plus a condo all thanks to subprime mortgages? That was funny. Very Florida, that scene.