Don’t repeat the financial mistakes of the last housing bubble

The Florida housing market is in the midst of a housing boom as people buy homes to live in them. Unlike in the period from 2004 to 2007, only a few speculative apartments are being built.

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The 2004-07 housing bubble was driven by easy money and subprime lending, and the current market is driven by actual demand and cash. The last decade of housing construction in Florida and America has caught up with our growing population and it will likely take several years for this urge for housing to be resolved.

There are two hard lessons from the housing bubble that today’s homeowners should remember. During the housing bubble, excessive remodeling and refinancing doomed many homeowners who saw significant increases in the value of their equity due to accelerated market appreciation.

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