Sudden Major Increase in Florida Real Estate Values

April 1, 2016 18 Comments

For Immediate Release:  Sudden Major Increase in Florida Real Estate Values

Apr 1, 2016 – Home prices throughout Florida have risen 30-50% overnight leaving buyers hurrying, sellers stalling, and Realtors scrambling to update MLS listings.

Banks, mortgage lenders, investors, brokers, and hedge fund managers are calling this the biggest news since the financial crisis and housing market crash of 2007–2008.

The reasons for this sudden jump in property values are two-fold.

First, the Florida Association of Real Estate Appraisers (FAREA) the state representative of real estate appraisers before government and regulatory bodies announced a major spreadsheet error. Housing analyst Dustin Worthington discovered the error late yesterday and promptly issued corrected data for the last six years. Evidently, someone entered a state-wide devaluation back in 2010 to see what properties values might look like if rising sea levels doubled, but that devaluation was never removed.

Second, late last night President Obama signed legislation into law requiring a 10 year payback from all banks who received a portion of the $700 billion from the Emergency Economic Stabilization Act of 2008 [commonly referred to as the bailout of the U.S. financial system / signed into law by President George W. Bush on October 3, 2008]. Paybacks will come in the form of mortgage principle reductions on ALL primary residences, and they will begin first in Florida.

Not everyone is dancing in the streets. Obviously the banks included in the 2008 bailout are not happy, but they are not the only companies adversely affected by this otherwise good news. Some real estate companies and attorneys have built their entire businesses on the up-side-down housing market. Those who have concentrated on helping their clients buy and sell via short sales are finding themselves out of a job this morning. “Our services simply aren’t going to be needed any longer in this suddenly improved housing market,” explains Steve Whitney of Short Sale Assistants, Inc. Finally, did you catch the date? Yes, this is an April fool’s joke. So, of course none of this really happened, but it sure would be nice for a lot of us wouldn’t it?

18 thoughts on “Sudden Major Increase in Florida Real Estate Values”

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