Home Values Suffer Biggest Drop Since 2008, Except In Florida
Over the last year, home values across America have lost over $2.3 TRILLION dollars. But before you freak out, there’s an upside to the trend. Florida ignored the whole thing! In the midst of the largest reset of home values since 2008, the Sunshine State has not only survived, but thrived.
As cities like San Francisco and New York lost up to 7% of real estate value, Florida has continued to push forward. The most commonly cited reason for falling real estate values has been interest rates, which are hovering around 6.35%. Interest rates have been raised over the last couple of years in an effort to hold off inflation. Inflation was brought about by the side effects of the pandemic in 2020. Even worse, many Americans were unable to buy a home during that time and it severely hindered their ability to make money from their home now. But Florida hasn’t felt the sting. As other states experienced population loss, ours grew. New Yorkers and Californians flocked to our state to escape taxation and cold weather. That means Miami has experienced a 20% rise in home values, while other central Florida cities (Lakeland, Sarasota) have seen 15% increases. Also of note, areas with higher risks, such as beachfront property, have also risen in value. Apparently home buyers are not afraid of risky locations. Regardless of home values, some people say a recession is still possible in the spring. One point remains, if you own a house in the Sunshine State, you are probably sitting pretty right now. Source: WFLA.com
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