“The slowdown started a year ago when the resale inventory began to balloon. According to a new report by Integra Realty Resources for the Miami Downtown Development Authority, in May listings soared 58% from two years ago, to about 3,000 units, while monthly sales plunged 43%.”
“Real estate is local, and every market has its own unique set of dynamics. Houston is getting ravaged by the oil bust. New York and San Francisco have seen historic building booms of both condos and apartments, like Miami’s building boom, and now the growth in employment is sagging, and foreign investors are staying away, and many units sit empty.”
“This real estate cycle took years to get to this extravagant level, supported by central bank policies around the globe that flooded the lands with nearly free money and repressed yields.”
Citation and Link to Article & Picture: Richter, Wolf. “Major US Renting Markets Are Starting to Crumble.” Business Insider. Business Insider, Inc, 14 Aug. 2016. Web. 18 Aug. 2016. http://www.businessinsider.com/major-us-renting-markets-are-starting-to-crumble-2016-8