djd09
Elite Member
- Joined
- May 20, 2009
- Professional Status
- Licensed Appraiser
- State
- Ohio
Ground Zero for 2008 Housing Market Crash Sparks Alarm Bells Again
Home prices are plummeting in a Florida city some called "ground zero" for the subprime mortgage crisis of 2008. According to housing experts, Cape Coral now has one of the worst housing markets in the entire country—and the situation is likely to continue precipitating in the coming months.
Cape Coral's housing market exploded during the pandemic, when thousands of out-of-state newcomers flocked to the relatively affordable Florida town, snatching up for-sale homes and driving up prices. Between May 2020 and May 2022, the median sale price of a home in the city rose from $239,020 to $436,475, according to Redfin.
...tick tick boom
