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®