Florida’s housing market is spiraling (short sales rise fastest since 2008)

https://www.reventure.app Florida's housing market downturn just entered its next phase: foreclosures. Foreclosures in Florida are up 43% in the last year, and now I'm sending distressed sales all over the state. In some cases, sellers are listing at $100,000 below their acquisition price just to get rid of the property. To see the areas with the biggest downside risk, access Reventure's Mobile App.

The biggest price cuts in Florida are coming on the west coast, in markets like Tampa, St. Petersburg, Sarasota, and Cape Coral. But there is also a large amount of distress now hitting central Florida, including Orlando and Lakeland.

Homebuyers and investors in these areas can now buy houses at huge discounts to 2022/23 valuations - a positive sign for Florida's housing affordability. Zillow home values estimates in Florida are down by 4.6% in the last year, and in some ZIP codes, they're down double-digits.

However - the declines could get bigger in 2026-27 if these short sales begin making their way into the comps. Short sales are properties where the owner is in default, and they are trying to sell before the bank forecloses.

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