Florida’s once-booming housing market is facing a perfect storm: a steep decline in sales, a surge in foreclosures, and a looming legislative deadline of 01/01/2025 that could decimate the state’s older condo market with no help from Tallahassee.
Fla. News — Florida’s once-booming housing market is in a significant downturn, marked by a steep decline in sales and a surge in inventory. The once-booming market is now facing challenges as investors pull back due to rising insurance costs, new safety regulations, and the looming threat of natural disasters. The decline in sales has been particularly pronounced in areas like Fort Lauderdale, Miami, and West Palm Beach, where investor purchases have dropped significantly. Florida is now ranking fifth in the nation for foreclosure rates in the first quarter of 2024.…