Florida Real Estate Leads the Collapse
The Florida real estate market continues to plummet. In fact, the greater Miami area, which includes Fort Lauderdale and other cities as far north as West Palm Beach, has a deliquency rate of 28.8%. This rate measures the percentage of residential mortgages that are past due 90 days or worse. By comparison, the rest of Florida has a deliquency rate of 16%, while Las Vegas, Nev. has a 21.7% deliquency rate.
These measures of financial disaster were published by First American Corelogic a real estate information firm based in Santa Ana, CA.
The outlook for Florida residential real estate remains bleak for the foreseeable future. It is likely that numerous Florida banks will be closed because of their heavy concentration in real estate either directly and indirectly. The odds favor another leg down as potenital buyers return north and financing options diminish.
These measures of financial disaster were published by First American Corelogic a real estate information firm based in Santa Ana, CA.
The outlook for Florida residential real estate remains bleak for the foreseeable future. It is likely that numerous Florida banks will be closed because of their heavy concentration in real estate either directly and indirectly. The odds favor another leg down as potenital buyers return north and financing options diminish.
posted by Tarot Cardreader at 4:30 PM
1 Comments:
I think there are too many doom and gloom predictors!
I'm 56 and this is not our first recession. Yes, it is a little more repressive than maybe some others, like the 70's when gasoline was rationed. However, it's just history repeating itself and generally always occurs with presidential elections and more so when we have party changes!
I just purchased a home in Lehigh Acres and I think all will rebound as we pull out of the recession.
It's not doom and gloom, there are 70 million baby boomers in the retirement phase! These boomers, self included, are not going to stay up north and deal with the horrific winters that seem to be getting worst-like the record set this year in Washington,DC!
People will come, many who won't depend upon employment, and if they did there will be jobs as the population increases so do services required.
I think right now is an opportunity for anyone who has patience, resources, and understands the economic cycles we have experienced for decades.
ITS NOT DOOM AND GLOOM!!!
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