Florida
Florida’s mortgage market is in trouble
Florida is one of the least affordable states in the country to buy a home, according to the latest data from the Mortgage Bankers Association, as high mortgage rates keep buyers out of the market.
Why It Matters
With its sunny weather, relaxed lifestyle, and relatively cheaper cost of living and housing, Florida attracted a flow of new residents during the COVID-19 pandemic. But those markets that boomed during the health emergency have experienced a rapid cooldown over the past year as inbound migration weakened and new inventory poured into the market.
The affordability strain caused by high mortgage rates and historically elevated prices, combined with the growth in inventory and skyrocketing homeowners insurance premiums, is likely to cause a cooldown in demand and a drop in prices across Florida, experts have said.
What To Know
The Mortgage Bankers Association uses the Purchase Applications Payment Index, also known as PAPI, to measure how affordable it is to buy a home in each state based on how much a mortgage plus interest on loans costs a household in relation to its income.
In November, Florida had a PAPI of 209.9, lower only than that of Nevada (248.7), Idaho (244.2) and Arizona (220.7). The national PAPI, for comparison, was 163.3 in the same month.
While Florida has one of the least affordable mortgage payments in the nation in relation to residents’ wages, the interest rates for a 30-year fixed mortgage in the state are slightly lower than at the national level, according to Bankrate data. As of Tuesday, the national average 30-year fixed mortgage rate was at 7.09 percent. In Florida, it was 7.06 percent.
Photo Illustration by Newsweek/Getty Images
How Are High Mortgage Rates Affecting the Florida Market
According to Nick Gerli, a real estate analyst and the CEO of Reventure App, the lack of affordability in Florida explains “the big market slowdown” in the state.
“Home sales are down 40 percent from their pandemic peak. Inventory is at the highest level in nearly 10 years. And now prices are starting to drop. But not fast enough for homebuyers,” he wrote on X, formerly Twitter, on Monday.
“Florida’s mortgage payment as a % of income is one of the highest in America at 40 percent,” Gerli wrote. “For the average buyer, they need to spend around $30,000 on mtg, tax, insurance. Median household income across the state is $75,000.”
What People Are Saying
Nick Gerli, the CEO of Reventure App, wrote on X: “Today’s 40 percent mtg payment/income ratio is unprecedented. The only other time it was close was the mid-2000s housing bubble. Before the big crash.”
The Senate Budget Committee wrote in a report published last month: “In certain communities, sky-high insurance premiums and unavailable coverage will make it nearly impossible for anyone who cannot buy a house in cash to get a mortgage and buy a home. Property values will eventually fall—just like in 2008—sending household wealth tumbling. The United States could be looking at a systemic shock to the economy similar to the financial crisis of 2008—if not greater.”
Sean O’Dowd, a real estate investor in Chicago, previously told Newsweek: “There’s not a single lender out there that I’m aware of that will give you a mortgage without proof of insurance. The problem is, if you have an insurance payment that’s just as much as the principal and interest payment for the mortgage, if you’ve got an insurance payment that’s five hundred bucks a month, you get to a situation where a homebuyer—especially a first-time homebuyer that doesn’t have a lot of capital to put down for the down payment—has such a weedy monthly payment with this huge insurance premium that they cannot afford to buy a house.”
What Happens Next
For Gerli, the combination of these factors—cooling demand, less inbound migration and growing supply—means the Florida market “is now turning.” His company is forecasting price declines across all of Florida’s housing market this year.
“These price declines will be welcome news to homebuyers, and finally start returning affordability to a housing market that sorely needs it,” he wrote.
Other experts agree that prices will drop in parts of Florida throughout 2025. Redfin economist Chen Zhao previously told Newsweek that the best places to buy a home this year will be “markets in the Sun Belt, especially Florida and Texas,” which are “the weakest at the moment.”
Norada Real Estate Investments also identified three metropolitan areas in Florida—Gainesville, Palm Bay-Melbourne-Titusville and Lakeland-Winter Haven—as at “very high risk” of experiencing a downturn this year, with prices potentially dropping by as much as 15 percent.
Florida
Commandment wins the Florida Derby, now eyes Kentucky Derby and Triple Crown trail
HALLANDALE BEACH, Fla. — Commandment broke his maiden last fall at Churchill Downs. He’ll soon be headed back there, looking for a much bigger victory.
By the slimmest of margins — a photo finish — Commandment won the Florida Derby on Saturday, completing a worst-to-first rally in the six-horse field and overtaking The Puma with the final bob of his head.
It was the fourth consecutive win for Commandment, who had jockey Flavien Prat aboard on Saturday. Next up: the Kentucky Derby, the start of the Triple Crown series on May 2 at Churchill Downs.
“He’s a racehorse, bottom line,” said trainer Brad Cox, who saddled the Florida Derby winner for the second consecutive year. “He always shows up. … He’s a Grade 1 winner. Florida Derby’s a big race. Proud of the horse. Very proud of the horse.”
The Puma took the lead at the top of the stretch and was maybe an inch or two shy of keeping it the rest of the way. Bettors roared when the official order of finish was announced, and Cox could finally exhale.
“Little too close for comfort,” Cox said.
Commandment returned $5.80 for the win. Chief Wallabee was third, favorite Nearly — the 7-5 top choice — was fourth and Wayne’s Law was fifth.
Commandment got 100 points toward the Road to the Kentucky Derby leaderboard. The Puma got 50 for finishing second, Chief Wallabee got 25 for third, Nearly got 15 for placing fourth and the fifth-place showing by Wayne’s Law earned him 10 points.
The Puma and Commandment went into Saturday’s race with spots for the Kentucky Derby basically secured, based on their point totals coming in — The Puma had 56, Commandment 50, and those likely would be enough to make the field.
Now, assuming both emerge from Saturday healthy and stay that way, they’re locks for the Run for the Roses.
“He’s got a great mind,” said Cox, just the fourth trainer to win the Florida Derby in back-to-back years, joining Todd Pletcher (who did it three times), Nick Zito and Horace Jones. “That’s going to take him a long way, the first Saturday in May.”
History has shown there’s a clear path from the winner’s circle at Gulfstream Park to the winner’s circle at Churchill Downs. The Florida Derby has been run by 26 eventual Kentucky Derby winners, more than any other prep race — most recently Sovereignty last year. Sovereignty was second in last year’s Florida Derby.
And Florida Derby winners have gone on to win 31 Triple Crown series races, including the Kentucky Derby on 15 occasions — the last of which was when Always Dreaming pulled it off in 2017. Those 31 victories in the Kentucky Derby, Preakness and Belmont have come from 21 different Florida Derby winners.
UAE Derby
On Dubai World Cup day at Meydan, Wonder Dean won the UAE Derby for trainer Daisuke Takayanagi.
Wonder Dean is the fifth consecutive Japanese-trained winner of the UAE Derby. All four of the others went to the Kentucky Derby and Takayanagi — who guided T O Password to a fifth-place finish at the Run for the Roses in 2024 — said Wonder Dean is on his way as well.
Florida
Man shot to death in Wabasso, Indian River sheriff seeks help
A man is dead, found by Indian River County sheriff’s deputies with multiple gunshot wounds early March 28, Sheriff Eric Flowers said in a social media post by the agency.
The victim was not publicly identified.
Authorities believe the shooting happened about 5:30 a.m. near the 8500 block of 64th Avenue in the unincorporated area of Wabasso, Flowers said in the video, where he stood at the scene of the shooting.
The victim, Flowers said, was “transported to the emergency room, where he succumbed to his injuries.”
Flowers also asked for assistance from the public in piecing together what happened.
“Anybody who knows anything about this, anybody who lives in the Wabasso area who may have seen something or heard something, any delivery drivers, we’re looking for information from you,” Flowers said.
Anyone with information should call Crime Stoppers, 800-273-8477.
This story will be updated.
Wicker Perlis is TCPalm’s Watchdog Reporter for St. Lucie County. You can reach him at Wicker.Perlis@TCPalm.com.
Florida
Tiger Woods charged with DUI after rollover crash in Florida
Tiger Woods showed signs of impairment and was arrested at the scene of a car crash in which he struck another vehicle and rolled his Land Rover.
Published On 27 Mar 2026
Tiger Woods was arrested on a DUI charge following a rollover crash in Jupiter Island, Florida, that did not cause any significant injuries.
Martin County Sheriff John Budensiek said Woods and the person in the other vehicle were not injured. Woods was able to crawl out of the passenger side of his Land Rover.
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The crash occurred just after 2pm (18:00 GMT), not far from where Woods lives on Jupiter Island. Budensiek said Woods attempted to pass a pressure cleaner truck while driving on a two-lane road. He swerved to avoid a collision as he was passing the truck, but clipped the back end of its trailer. Woods’s vehicle then rolled onto its driver’s side.
Budensiek said investigators at the scene found Woods to be showing signs of impairment. He did a breathalyser test, which came out negative, but he refused to take a urine test. Authorities charged him with driving under the influence with property damage and refusal to submit to a lawful test, Budensiek said. Both charges are misdemeanours.
Woods’s manager at Excel Sports did not immediately respond to a text message seeking information.
This was at least the third time Woods has been involved in a car crash, most recently in February 2021, when his SUV ran off a coastal road in Los Angeles at high speed, leading to multiple leg and ankle injuries. Woods said later doctors considered amputation.
Woods has played 11 tournaments since that 2021 crash, not finishing closer than within 16 shots of the winner the four times he finished 72 holes.
He was also arrested on a DUI charge in 2017 when South Florida police found him asleep behind the wheel of his car that was parked awkwardly with damage to the driver’s side. Woods said he had taken a bad mix of painkillers. He later pleaded guilty to reckless driving.
Woods won his fifth Masters and 15th major in 2019. He has 82 wins on the PGA Tour, tied for the all-time record with Sam Snead.
Woods, 50, had been working his way back to golf from a seventh back surgery in September. He had not decided whether he could play in the Masters on April 9-12.
His last official tournament was the British Open in 2024. Woods ruptured his Achilles tendon in March 2025, and that kept him off the course all season, even before the back surgery. He managed to play in his indoor TGL golf league on Tuesday night.
He has kept deeply involved in PGA Tour affairs as chairman of the Future Competition Committee that is restructuring the model of the tour.
Woods also faced a soft deadline at the end of the month to decide whether to become the US Ryder Cup captain for the 2027 matches in Ireland. Woods was offered the job for the last Ryder Cup and did not turn it down until June. The PGA of America wants a decision much sooner this time.
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