Florida’s Stagnant Housing Market is 2007 Top Story in the State
Florida couldn’t get out of its housing depression in 2007. All around the state, excess of houses and condominiums built during an extraordinary housing boom left the market inundated and lethargic. Foreclosures rose to an all time high, lifting Florida to the No. 2 spot nationwide in the number of bad mortgages per capita by November. The effect of the housing’s downward spiral in the last 12 months has been extensive: homeowners, lenders, builders and furnishers have all felt the pinch. Even the state lawmakers were affected. In October, they slashed $1.1 billion in state spending to compensate for the downturn. Because of these reasons, the downturn in the housing market was chosen as the No. 1 story for 2007 in a poll of Florida newspaper and broadcast editors. Sean M. Snaith, director of the Institute of Economic Competitiveness at the University of Central Florida said, “this past year has been sort of the ‘the morning after’ of the housing boom.”
Source: Anthony Mccartney, Associated Press Writer
Filed under: News by Carlo