Housing market about to tumble in Cali, Tx, and Florida…here is why

[jwoodie]

Some people suck at money management. Outdoing the Jones when you shouldn't be is how they get into this mess.

The problem is that they have been bailed out time after time by the government. No pain, no gain.

 

[ColonelAngus]

Black Rock, and Vangaurd are circling like vultures just waiting for the shoe to drop...

Definitely!

These economic indicators can be very localized as well. For example, the crash in Hillsborough County Florida is going to be significantly worse than in Sumter County just because of the demographics and local economy. Sumter has alot of retirees from the north who bought brand new homes that were not as overvalued as homes in Miami, Sarasota, Cape Coral…

The market adjustment has already begun.

Go look at any home on the market for more than a month and it has likely been marked down at least once since it hit market.

 

[Donald H]

China had a better idea when they started to build thousands of housing units that sit empty until they are needed.

It seems that that can be economically sound to be proactive.
lt just might not work in a Capitalist country.

However, in my home town in B.C., government is currently building a 100 unit complex for the homeless. Is that smart like a chinaman?

 

[justoffal]

I live in Huntington Beach, CA. My house has gone up over 600% in value since I bought it back in 1997. I wish I could get my wife to agree to sell it now, move out of state, wait for the collapse and then return, but she's afraid that we can never come back once we sell out. I'm stuck with just picking up a second home, but I'm not sure where yet. We have the $, just not the location for it.

Man! 600 percent??? Geez can't you convince her? You could probably buy it back at half later!

 

[sparky]

The boom bust cycle gets interesting when it's realized how much profit is made via the failure of it

~S~

 

[SassyIrishLass]

Bidenomics... what a disaster

 

[ColonelAngus]

At least this correction has begun. Dems will try to hang it on Trump, but it wont work on everyone.

People who are in financial duress and selling their homes to make ends meet will not likely blame Trump.

Now, will it make them VOTE TRUMP?

Who knows?

 

[ColonelAngus]

1070 Bel Air Star Pkwy, Sarasota, FL 34240 | Zillow

1070 Bel Air Star Pkwy, Sarasota FL, is a Single Family home that contains 3289 sq ft and was built in 2001.It contains 4 bedrooms and 4 bathrooms.This home last sold for $950,000 in April 2024. The Zestimate for this Single Family is $949,900, which has increased by $10,900 in the last 30...

www.zillow.com

Here is a great example. I am friends with the former homeowner.

Look at the drops in asking price.

Look at the sold price.

She marked it down over 30%.

JUST ONE DATA POINT, BUT A DATA POINT NONETHELESS.

Look at the dates and List prices.

Price and tax history​

Price history​

Date	Event	Price
4/12/2024	Sold	$950,000-4.9%$289/sqft
Source: Stellar MLS / MFRMLS #A4580001 Report a problem
3/12/2024	Pending sale	$999,000$304/sqft
Source: Stellar MLS / MFRMLS #A4580001 Report a problem
1/20/2024	Price change	$999,000-9.2%$304/sqft
Source: Stellar MLS / MFRMLS #A4580001 Report a problem
11/9/2023	Price change	$1,100,000-8.3%$334/sqft
Source: Stellar MLS / MFRMLS #A4580001 Report a problem
10/30/2023	Price change	$1,200,000-7.7%$365/sqft
Source: Stellar MLS / MFRMLS #A4580001 Report a problem
10/20/2023	Price change	$1,299,9990%$395/sqft
Source: Stellar MLS / MFRMLS #A4580001 Report a problem
10/10/2023	Pending sale	$1,300,000$395/sqft
Source: Stellar MLS / MFRMLS #A4580001 Report a problem
9/20/2023	Listed for sale	$1,300,000+152.4%$395/sqft