While the housing market isn’t mirroring the crash of 2008, localized pain is expected due to pre-foreclosure concentrations, especially in areas like Cape Coral, faces significant challenges with high availability rates, indicating structural problems.
Sources:
Looks like the whole,
“I’ll just Airbnb my property so someone else pays my mortgage” mindset
Is coming home to roost in Cape Coral, FL
Many homes delinquent on mortgage payments in pre-foreclosure and bankruptcy pic.twitter.com/8kSjCLNqIp
— Amy Nixon (@texasrunnerDFW) May 5, 2024
Are homes expensive?
As a percentage of income, mortgage payments have not been this expensive since the early 1980s. Over 40% of income.
Cutting rates won’t necessarily fix this. Cheaper rates could easily result in house prices going even higher, negating any relief from… pic.twitter.com/biaZQhgKb3
— Wall Street Silver (@WallStreetSilv) May 5, 2024
What caused that sad and sudden u-turn? A property tax hike of 174% and rising insurance premiums
byu/Mrbumboleh inRealReBubble
Residential crash is looking worse. pic.twitter.com/scr68nYJA4
— Dale (@Dale83041803) May 6, 2024