Gee, how many poential buyers in South Florida are saying, " Hmm,I wonder, after shelling out $600,000, whether my house will still be standing after the next hurricane."
I live in Pasco Central Florida and saw this coming because here the insurance rates have jumped through the roof. It's not hurricanes, it's sinkholes and aggressive attorneys who have found a candy store in the state insurance co, Citizens.
Citizens is so badly run that for years people are walking away with more than the value of their houses with the barest of proof. Now insurance rates have quadrupled and people are literally losing their homes and dumping them on the market because they cannot pay the homeowners. (In 3 years a jump from $600 to $4000 is typical.)
Lots of elderly on fixed incomes simply can't do it. If they've paid off, they are simply going without. Almost 25% of the houses in my area are naked in the storm, so to speak. A hurricane would be a financial disaster here.
My house has dropped almost 25% in value this year.
It seems that doesn't matter to them. Houses have been selling like mad down there.
there still fighting for homes in my part of so fl