Housing experts say the shortage of homes is becoming a real problem in Florida and that there is no reason to panic.
In recent weeks, more than a million people have lost their homes to foreclosure, and more than 200,000 are still in foreclosure, according to the Florida Department of Community Affairs.
The real estate market in Florida is on the rise and the state is now one of the fastest growing states in the nation, according in a report by the Associated Press.
In the past few years, Florida has seen a rise in home sales and a spike in the number of foreclosures, said David Siegel, a senior research analyst at The Real Estate Board of Greater Orlando.
“I think it’s a little bit like an earthquake in terms of the number and severity of the earthquakes,” Siegel said.
“It’s very rare that you’re going to have an earthquake of this magnitude in Florida.
It’s not that rare.”
The state is on pace to record more than 4 million home sales this year, up about 20 percent from the same time last year.
Siegel said foreclosing homeowners in Florida are being forced to sell their homes and are being pushed into the middle class and wealthier neighborhoods.
Many people who are in the middle of the foreclosure process are also trying to save up for a down payment, he said.
“It is a very painful situation, and it’s very stressful, and people are finding ways to try to save money,” Sestero said.
“The average homeowner is not going to be able to do what they normally would have to do to stay in their home.”
“The average homeownership rate in Florida has been pretty steady for a long time,” he said, adding that the foreclosure rate has been falling for the past three years.
Florida is experiencing the worst affordability crisis in the country, according to the state.
According to the Federal Reserve Bank of New York, Florida’s median home value fell by more than $400,000 in the past year.
The median price of a single family home in the state dropped by nearly $200,000 last year, according the Florida Department of Economic Opportunity.
It is difficult to find affordable housing in Florida, according Siegel.
He said many of the homes that are being foreclosed are located in areas with a high concentration of poverty and crime.
Foreclosures have also led to a rise of drug abuse and other problems in the area, he added.
Experts say there are many factors that lead to the housing crunch.
Most people don’t have credit cards, Siegel added.
The economy is also a big part of the problem.
Some of the new buyers who come to the market are looking for housing that is cheaper and has a lower down payment.
There are many other factors that may be at play.
“You have to look at a lot of factors, from what you’re getting to where you’re buying, how much it is going to cost, how many bedrooms it’s going to come with,” Sasser said.
The shortage of affordable housing has created a real housing crisis, said Jennifer Johnson, a professor at the University of Florida School of Public Policy and the author of The Collapse of the American Dream: The Collapse and Rebirth of the United States.
Johnson said Florida is now the third-most expensive state for housing in the U.S., behind Texas and New York.
And the real estate crisis has forced many families to move to higher-priced neighborhoods.
“We’ve seen this over the last few years,” Johnson said.
Johnson said a number of factors have contributed to the shortage in housing in many areas.
She pointed to the lack of foreclosed homes and the high cost of mortgages in Florida’s suburbs.
“[It] is really hard to find homes in Florida for people to pay back their mortgages,” Johnson explained.
For example, people are paying more for a mortgage than they ever have before, Johnson explained.
The problem is that there are not enough people buying homes in the suburbs.
“The demand for homes is so much that there’s just not enough space to build those homes,” Johnson added.
Siegel agreed that the shortage is creating a real estate bubble.
“This is a bubble that is bursting,” Sizer said.
Florida’s housing crisis is the third largest in the US behind California and Texas.