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Florida Housing Market Warning Issued by One of America's Biggest Banks

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Raymond James downgraded builder Lennar, citing its outsized overexposure in Florida, where the housing market shows signs of softening.

Citigroup's downgrade of homebuilders Lennar and D. R. Horton has spurred a warning from Raymond James, one of the biggest investment banking firms in the U.S., for Florida's sluggish real estate market.Read more: How to Calculate How Much House You Can AffordShares of the two homebuilders have been falling since Citi cut its ratings on both companies from 'buy' to 'neutral' and slashed its price target for Lennar from $174 to $164 and from $181 to $156 for D. R. Horton.

Read more: Tips to Help Sell Your Home for the Highest PriceThe difficult situation currently facing the Sunshine State's housing market, including skyrocketing home insurance premiums, the addition of resale inventory, and relatively high property taxes, has contributed to the sluggishness cited as a source of concerns in the coming months by both Citi and Raymond James.

 

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