Florida is now the #1 state for foreclosures in the United States.
There are short sales happening everywhere and at nearly every price point.
And it’s going to get a lot worse before it gets better.
The housing market crash is here and anyone telling you otherwise is lying. pic.twitter.com/SO1kOEoF4d
— Eric Spracklen 🇺🇸 (@EricSpracklen) August 20, 2026
Housing investors say this is their worst market in at least 3 years
Investors in the single-family housing market are increasingly concerned about interest rates, rising insurance and home costs, and the ongoing war with Iran. As a result, they are less confident in their businesses than they have been in at least three years.
Investor sentiment at the end of June fell for the second straight quarter to an all-time low on the quarterly RCN Capital/CJ Patrick Company Investor Sentiment Index, or ISI. The index surveys more than 300 investors in the fix-and-flip and rental businesses.
Just 26% of respondents said they believe market conditions are better than they were a year ago, the lowest share since the survey began in 2023 and down from 35% in the first quarter. Fully 45% said the market has gotten worse, the highest in the survey’s history.
“In addition to the ongoing conflict in Iran, rising finance costs, limited inventory, escalating home and renovation costs and downward pressure on rental rates are all contributing factors for their increased pessimism,” said Jeffrey Tesch, CEO of RCN Capital, a private lender to real estate investors, in a release.
In 33 bigger markets, prices of mid-tier condos through July have dropped by 15% to 33% from their respective peaks in prior years. These peaks occurred from 2021 to 2024, with the vast majority occurring in mid-2022. These 33 bigger markets that broke under their own weight are depicted in the charts below.
In nine of them – from Oakland to Jacksonville – prices of mid-tier condos dropped by 21% and more; in three of them by over 30%. These are substantial price declines over a multiyear period.
In six of these 33 markets, condo prices have already dropped below their Housing Bubble 1 peaks of 2006 and are back where they’d been 20 years ago. See the red line in those charts going from the current value straight across to 2005. Those are spooky charts.
- Oakland, CA;
- Sarasota County, FL;
- Cape Coral, FL;
- Contra Costa County (East Bay), CA;
- Fort Myers, FL;
- Orlando, FL.
Two cities moved up into this line-up of 33 markets in July as their condo prices dropped further and pushed them over the -15% line: Houston, TX, and Tempe, AZ. No market that was on the list in June came off the list in July.