Skip to comments.Homeowners in these cities feel ‘trapped’ in their mortgage: report
Posted on 08/14/2023 5:58:06 AM PDT by ChicagoConservative27
(NEXSTAR) – If we’ve learned anything about the real estate market these past few years, it’s that things change fast.
During the peak of the pandemic, low interest rates and the desire for more space led to a home buying and selling frenzy. At the end of 2021, home prices were 18.5% higher than they had been just a year before, according to CoreLogic.
Now, in places where the real estate market was recently red hot, fewer homes are being listed than just two years ago. Those same homes now have bigger price tags and are sitting on the market longer.
(Excerpt) Read more at thehill.com ...
What homeowner has NOT felt “trapped” by a mortgage at some point in time?
Florida is still hot. Of course most coming from the north are able to pay cash for their new home which helps them a lot.
It would be curious to take this list...mesh it with drug abuse/crime, and see how the regions develop.
From the top ten....most have democratic mayors/city councils in charge.
Flagstaff (#9)? If you were looking for retirement options, this is a cold weather spot (unlike the southern half of the state).
One big hurricane and the collapse of the insurance industry will take care of that.
“What homeowner has NOT felt “trapped” by a mortgage at some point in time?”
Goode point. I guess those with no mortgage are also “trapped” then. LOL
Some are going without insurance. They have the money to rebuild if necessary. I’m not in the position and so far my homeowners went up 209 a year. Depends on the insurance company. I’m hoping USAA hangs in there.
My first thought as well......nobody holds a gun to your head to buy a home.
Everybody thinks they are owed everything free nowadays.....just one more sign of the ongoing deterioration of society IMO.
“One big hurricane and the collapse of the insurance industry will take care of that.”
Fort Myers, FL suffered a big one (Ian) and the real estate market was surprisingly resilient. Lots of cash purchases still.
And then when they get here they bitch about every little thing incessantly.
Just need to have the home inspected for MOLD and insects.
You get another Andrew, and there won’t be another insurance company that will survive it.
Plus the property taxes are skyrocketing and the folks who have their property tax rate increases controlled, won’t budge.
I looked into perhaps moving back to Florida, and I concluded it wasn’t worth it given these things. Actually if I did move back to Florida, I would consider the Gainesville area, more than South Florida.
Fort Myers has grown to be sure, but it still isn’t Miami-Fort Lauderdale.
“just one more sign of the ongoing deterioration of society IMO.”
Key point you make there my FRiend. That is perhaps the most fundamental problem we face now.
And its not easy to reverse. Just ask the Romans.
The commie band, Crosby, Stills and Nash had a song with a chorus line that says, “…teach your children well…” Even they offer sage advice at least about spoiled children.
But then they had to ruin it with “Teach your parents well....”
I don’t know about collapse but after Ian several are pulling out of Florida. Farmers for one.
They said it was “necessary to effectively manage risk exposure”.....IOW they didn’t want to pay out any longer.
Funny how auto carriers aren’t dropping EV owners for the same reason.
Considering those things have the bad habit of bursting into flames for no apparent reason you’d think insurance companies would be tripping all over themselves to stop that bleeding.
Absolutely true. Due diligence is essential.
A lot of structures in Fort Myers Beach were not built to modern standards. The replacement structures will be built much better to withstand storms; that’s one good thing to come out of this disaster.
“Come! Come to the city! We have museums and zoos and gourmet dining and theaters! We have many jobs! Come! Come and see what man can do! Come and see what Democrats can do!”
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