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weakening economy and high interest rates are pushing buyers out of the market, according to The Washington Post. This is particularly evident in cities like Tampa, West Palm Beach, and Winter Haven, where real estate professionals are seeing a slowdown with over 70% chance of price drops. Adrianna Trigg, founder of Legionary REI, notes that Florida's housing market is experiencing a mix of overbuilding, insurance chaos, and buyer burnout, making it difficult for sellers to move their properties.

    In the Chicago West Loop area, Gunnar Blakeway-Walen, marketing manager at FLATS, is seeing qualified applicants fail employment verification requirements, indicating job market instability that typically precedes housing corrections. Tenant retention analytics also show existing residents extending leases at unprecedented rates, suggesting people are hunkering down financially rather than making typical housing moves.

    The New York City metro area is particularly vulnerable, with Daniel Rivera, real estate investor and founder of Proactive Property Management, noting warning signs similar to pre-2008 conditions. He's seeing high debt-to-income ratios during tenant screening, with approvals at 45% to 50% DTI ratios when the previous cap was 30%. Landlords are having to reduce asking rents because qualified applicants simply aren't there at previous price points.