Will Housing Affordability improve in South Florida?

By
Mortgage and Lending with PS Mortgage Lending 305-791-4874 or 888-845-6630 365768

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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Phil Stevenson

PS Financial Services

Owner and Principal Mortgage Originator

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Copyright © 2013 by Phil Stevenson & PS Financial Services, LLC

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Rainmaker
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Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Appearances are deceiving Phil, some indices are pointing to yes while actual activity says otherwise. The 2nd half of the year will be interesting.

Apr 05, 2019 06:31 PM #1
Rainmaker
263,653
Phil Stevenson, CRMP
PS Mortgage Lending 305-791-4874 or 888-845-6630 - Miami, FL
"Mortgage Nerd" in Miami, Florida and Texas

Well Kevin, housing is not going to be the onset of this recession, which is what is on the forefront ebcause thats what we experienced 10 eyars ago.  So housing liekly wont feel it until later int he process, when people are unemplyed and when consumer confidence drops.  Then we will see lower interest rates, and that will create a different real estate and mortgage stimulus.  I'm optimistic in our fields going into the next recession.  Thanks for you input!

Apr 08, 2019 05:27 PM #2
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Rainmaker
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Phil Stevenson, CRMP

"Mortgage Nerd" in Miami, Florida and Texas
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