Well…it’s just not all that much. Again, in context, the total value of real estate in Florida is about $4 trillion dollars. So this is barely a percentage point or two.
So from a macro perspective, this is a relatively minor thing. Again, starting with Miami, the amount of overvaluation is about 1% of total value. For Florida, the amount of overvaluation is about 1-2% of total value. And the same is true nationally as well - total value of real estate in the U.S. is about $47 trillion, so a $500 billion overvaluation is (again) about 1% of the value.
In absolute terms, those look like big numbers. But in relative terms, it’s a pretty small number - well within the amount that property values might vary from year to year.