Even though we’re seeing some housing markets making a comeback throughout the country, there are still some that might not be recovering as quickly. In fact, we might actually see some markets about to crash. Knowing the current status of the real estate market in a city you are considering relocating to, or looking to move from, might help you with some of your decisions.
Naples, Florida is a beautiful town, but experts say that the real estate market in this town might be about to crash. A few years ago, the southwestern town in Florida was one of the fastest-growing communities in the region and was preparing to be one of the largest destinations for retirees moving down south.
But, when the housing bubble burst, many housing construction projects in Naples were stopped. Most of these projects were for retirement communities and condos and when they were halted, a lot of money was lost. Additionally, a great number of retirees ended up not moving in.
In fact, when the values of these homes in Naples plummeted, they dropped by 55%. The prices of homes are expected to keep falling through this year and into next. In fact, some experts believe that these prices may continue to drop even more than other major cities in the entire country.
Currently, the expected price drop is -16.6% alongside a pretty high unemployment rate of 10.5%. So, take this information into account when you consider moving.