Home prices around the US are being cut at a faster pace as inventory piles up

Here in Florida, I think the bubble finally hit the house flipping limit. At least 5 homes on my block were sold for 600k or more, bought by people who painted,tiled, and made the houses all white inside in order to flip them. All 5 were relisted again within 3 months for 700k and up. 2 sold, were worked on, then up for sale for 100k o er the original price. Now all 5 homes are empty....on sale for 700 to 850k... All by fucking house flippers.

I'm not crying for them.

They are the ones stuck with the 16k per year propert tax bill. Who the fuck can afford an 800k home in this middle class area? Glad I bought when prices were under 200k. My taxes are reasonable, even if my insurance isn't anymore

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Here's the article with the actual numbers

in my zipcode the inventory of homes for sale has tripled in a month.

This might be true for a few select areas, but it is not true overall.

It is supply and demand. Plus, I'm not moving out of my house for today's interest rates.

But I hope things look up. It just doesn't seem to go that way anymore, tho.

Not in my area. If anything I'm seeing another hike. I'd like to find something better but it's all 370+

A friend of mine left town and put her house on the market. It started at $550K and the last I looked she had cut it to $400K in a month and a half.

Yeah not here in North Texas

Yeah not in LA. Two months ago, a dilapidated and downright smelly 3 bed/2 bath old house went on sale for $720k. It sold for that price a few weeks later. I live in the neighborhood and bought a much better maintained and slightly bigger house for $650k last year. It's nuts.