Housing Recovery Hits Florida Real Estate First
Mike Colpitts
April 21, 2009
In an unprecedented turn of events Florida is pulling out of the housing downturn first, according to a new report by Housing Predictor.
In previous real estate depressions California has always been the first state in the nation to signal a turn around in the housing market. But higher home and condo sales in Florida that have lasted for more than a half year and increasing buyer inquiries signal the Sunshine State is making a turn for the better in real estate.
California has historically always led the nation in the recovery of real estate markets. But this downturn is different, triggered by the credit crisis and massive misrepresentations on Wall Street trading scandals, which represent changes in the U.S. economical system. The Florida housing market recovery is occurring first as a result of going into the downturn first.
Record population growth in Florida may contribute to the more promising market after
nearly a four year slow down in home sales, which started after the state was battered by a series of hurricanes and the financial crisis. As a result home sales turned sluggish in Florida before any where else in the country.
However, nearly two-thirds of all sales are foreclosures and short sale properties, many of which are not counted by real estate agents since they are sold at auction or by banks directly to home buyers. The new trend demonstrates better times are on the horizon for housing markets troubled by the credit crisis.
More banks in many Florida housing markets are beginning to make mortgages, especially locally based lenders, and nearly a fifth of all sales are owner financed.
Housing Predictor forecasts more than 250 local housing markets in all 50 states, and regularly tracks markets from coast to coast. Search foreclosures, check your market forecast and other real estate news at http://www.housingpredictor.com
In previous real estate depressions California has always been the first state in the nation to signal a turn around in the housing market. But higher home and condo sales in Florida that have lasted for more than a half year and increasing buyer inquiries signal the Sunshine State is making a turn for the better in real estate.
California has historically always led the nation in the recovery of real estate markets. But this downturn is different, triggered by the credit crisis and massive misrepresentations on Wall Street trading scandals, which represent changes in the U.S. economical system. The Florida housing market recovery is occurring first as a result of going into the downturn first.
Record population growth in Florida may contribute to the more promising market after
nearly a four year slow down in home sales, which started after the state was battered by a series of hurricanes and the financial crisis. As a result home sales turned sluggish in Florida before any where else in the country.
However, nearly two-thirds of all sales are foreclosures and short sale properties, many of which are not counted by real estate agents since they are sold at auction or by banks directly to home buyers. The new trend demonstrates better times are on the horizon for housing markets troubled by the credit crisis.
More banks in many Florida housing markets are beginning to make mortgages, especially locally based lenders, and nearly a fifth of all sales are owner financed.
Housing Predictor forecasts more than 250 local housing markets in all 50 states, and regularly tracks markets from coast to coast. Search foreclosures, check your market forecast and other real estate news at http://www.housingpredictor.com
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