Overheated Pasco Home Market Brought Plight
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When it was all guns firing in the real estate market in Pasco County, Florida a couple o years ago, you could not even get on a waiting list to contract a house for a good 18 months. Then, you had to hope that enthusiastic developers had not upped =prices out of your range so that you would not lose your deposit when you had to back out. It was one hot market.
Unfortunately, it was filled with buyers from out of town and those hoping to flip properties for a quick profit. Now that the market is taking a nosedive, the same communities that were selling homes faster than hotcakes are now full of rental properties and homes going into foreclosure.
And because of that, crime is on the rise, as are drug dealing, gang graffiti and poorly maintained properties.
Companies like Lenar are admitting now that they sold as many as five homes to a single investor. Some were lucky enough to resell quickly at a profit, while others are holding homes they can no longer afford, contributing to the downfall of the area.
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