Hyperbole is an exaggerated statement or claim not meant to be taken literally, used for emphasis, dramatic effect, or humor, like saying "I'm so hungry I could eat a horse" to show extreme hunger. It's a rhetorical device in speech and literature that adds creativity and impact, highlighting feelings or ideas far beyond their actual scale, such as a politician claiming to be the "greatest city on earth" or a character's eyes being "bright enough to make the stars want to hire them".
This is how the press is reporting the housing 'crisis' in Florida these days. The reality is people have lost interest in the whole condo thing. Improvement/repair assessment costs, HOAs, sky-rocketing insurances and the fact that a condo building collapsed in Miami a few years ago because of lack of maintenance all contribute to that segment of the 'dilemna', but the rest of the real estate market here is very strong. Nearly a million single family homes have been built here in the last ten years, and they sell pretty much as fast as they get their CO's.
The only reason you see headlines like this above is because they have a product to sell - their media outlet, and most of them have decided that scaring the fuck out of you is the way to get you to pay attention. Most of us are smart enough to look at these reports for what they are - sensationistic blather. Juss' sayin'...
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Retirement dreams are dying everywhere for a different reason here. Rich people are buying up property making it unaffordable for everyday Americans. Small towns in the west are being put out of reach. In just 3 years prices in small towns in northern AZ have doubled from 250k to over 500k on avg. Buying large parcels of land is impossible for most of us. The old dream of buying a cabin in the woods and going fishing and hunting is just that, a dream.
ReplyDeleteThey're claiming a buyers market, but until interest rates come down...
ReplyDeleteUnless you're trying to sell, and you're retired, why do you care if the value of your house was cut in half. Panic selling is the problem. If you're wanting to sell and move somewhere like the small town in northern AZ (somewhere speculators have driven up the costs), then yeah, you're screwed.
My son and his wife bought in 2016 or 2017. They would not be able to afford their house today. My daughters will be rent slaves for the foreseeable future.