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Will Housing Affordability improve in South Florida?
Housing affordability in South Florida is still being affected by last year's hurricane season. Nevertheless, the huge drop on mortgage delinquency shows that the market is recovering at a big pace, and not just in South Florida, but other US housing markets as well.
"The last few years have been difficult for homebuyers. From unsustainably rapid price gains to higher mortgage rates to tight supplies of homes for sale, it's been an increasingly difficult time to buy a home" said David Berson, from Nationwide.
Places like Iowa, Oklahoma, New Jersey, South Carolina, and Texas are expecting positive outcomes in the first part of 2019, while Kentucky, Washington, and Utah received the least possible outlook regarding the health of their housing markets.
This is great news for our business in Texas. Miami or South Florida are not listed as a positive or a negative, but I think affordability is still tough in this area. The homes values continue to rise, albeit at a slower rate, which hurts affordability. The dropping fixed interest rates do make me very happy, for the market, for my clients, and selfishly, for my business.
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