I saw this posted on our local news channel, but realized it was actually from CNN Money, so apologies if this was posted elsewhere. The possibility of more home foreclosures coming on the market as a result of the storms of 2017. Its great for the local housing markets because it provides more inventory, but its going to hurt property values with homes staying on the market longer. Prices are already higher in many storm ravaged areas.
What are your thoughts on this article and the impact in Florida, in Texas and other states along the ocean?
Here in Miami, didn't really affect the market at all (IMO). We were anticipating some potential opportunities but honestly, it's like it never even happened at all, regarding real estate.
@Marty True The Storm itself pushed water into the St. Johns and it flooded most of the homes along the river have severe flood damage. It was brutal to see so many streets full of people's belongings at the road with the road vulchers picking through old furnishings. The dumpster people got a workout.
Homes along the ocean got pounded hard too, many in St. Johns County are falling into the sea. Neighborhoods still have issues with high tide in the river, the Noreasters have been brutal this fall. We believe that there will be a lot of properties on the market come this Spring, as people are still waiting on funds from FEMA. They may never arrive, then what?
@Jack Bobeck Yes, I saw some of the damage up there. I moved to Miami Beach just a year ago from the South Bank in downtown Jax, so I know the areas well. Just South of Jax Beach was still not fully recovered from Matthew that went through a year and a half ago so I imagine that there will be some foreclosures in those hard hit areas, while waiting on relief funds.
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