Recession???

GAINESVILLE, Fla. – Jan. 30, 2008 – Florida’s consumer confidence index fell to 70 this month, its lowest level in 16 years, a new University of Florida (UF) study reports.

“Consumer confidence in Florida reflects the same conditions we had during the recession of 1990-91,” says Chris McCarty, director of UF’s Survey Research Center at the Bureau of Economic and Business Research. “Florida is almost certainly in a recession now, and the country is not far behind. Most economists agree that we are in for at least two quarters of very low growth.”

This month’s drop to its lowest level since December 1991 is due to declines in four of the five components that make up the index. The biggest drop was in consumers’ expectations about national economic conditions over the next year, which fell 10 points to 55, its lowest level since August 1992

2008 FLORIDA ASSOCIATION OF REALTORS®

Foreclosure Rate/Florida #2

According to an AP report, information received through Realtytrac reported foreclosure filings up 79% from last year.

While the numbers can be somewhat skewed due to Homeowner Association's filing actions for past due fee's, the number is still high.

Florida ranks #2 in the country.

Florida's growth slows

DEMOGRAPHICS

Census figures show that Florida continues to grow rather than shrink, but the number of incoming residents from other states dropped by about 86 percent in just two years thanks to higher home prices, property taxes and insurance costs.

Copyright 2008 The Associated Press, Matt Sedensky (Associated Press Writer).



Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n3-012308.cfm
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30 Day Home Sale Report

Sales by Realtors for the tri-county area in the past 30 days dropped over 500 homes compared to the previous month to 1496 properties priced to $5,000,000.00.

Existing inventory was up over 2000 homes, and pending sales jumped by 409 properties.

No comeback yet, though buyer activity appears to be increasing as home prices drop and foreclosure's and short sales become more abundant.

Home sales for Florida

HOME SALES

Florida’s housing market followed the national trend in 2007. By year’s end, a total of 130,241 existing single-family homes sold statewide for a 29 percent decrease compared to the 2006 sales figure, according to FAR. The statewide median sales price was $233,600.
© 2008 FLORIDA ASSOCIATION OF REALTORS

Yes on 1???

Gov. Crist says that the "yes" vote on the property tax amendment will "ignite the real estate market".

Based on conversations I have had with potential out of state buyers, homeowners, and others I believe this statement is well......an over statement. While some will benifit, it does nothing for many. People moving from other states hesitate because even with a $50,000 exemption a $250,000 home purchase wil result in a property tax bill of $4,600. It's a $575 difference, save the new home buyer 50 bucks a month, but will this change the current state of our real estate market.

C'mon.

Property Tax Cut

The TBT reports that Hillsborough county would lose 8% of it's operating funds if the proposed property tax break is approved by voters on January 29th. 39 million dollars.

With a county budget of 871 million dollars will this truly affect the governments ability to function? I think not.

Time to cut the spending on unnecessary projects and programs.

Monthly Sales

Closed transactions for the period from 11/26/07 thru 12/25/07 were up by 376 properties from last month. An unusual trend for the time of year.

A total of 2041 homes closed the majority of which were priced under $300,000.

The inventory of homes dropped for the first time in six months.

Pending sales are also lower.

What does this mean? Next month will paint a clearer picture, but if the trend stays we could be experiencing a more active home buying market.