Florida's Economy Faltering

By: Whitney Ray
By: Whitney Ray
    Pending home sales are up seven percent in some parts of Florida.  The increase is attributed to falling home prices.
    But the increase in the housing market  is about the only thing looking up in Florida

A lender foreclosure sign is seen in front of a house, Thursday, July 24, 2008, in Shaker Heights, Ohio. Sales of existing homes fell more sharply than expected in June as the housing industry continued to be bruised by the worst slump in more than two decades. (AP Photo/Tony Dejak)

With falling prices fueling a slight increase in the state’s housing market, real estate agents are chomping at the bit to get a piece of the action. Coldwell Banker is offering a ten percent discount on some of its listing in Florida to people who buy before October 19th.
Ann Brockett with Coldwell Banker said “we’re trying to gain the interest of the buyers who are there and we are. I think people are aware that there are some good buys out there.”
While the news is bittersweet for Florida’s real estate market, it’s all bad news on the jobless front. In a cascade of events that started with a slow down in the construction industry and trickled down to small businesses, the state’s workforce suffered huge blows. Florida’s unemployment rate is at a 13 year high and exceeds the national average.
Governor Charlie Crist spent an hour meeting with Florida bankers. When asked if Florida was in a recession, Governor Crist responded, "the economy’s tough. I don’t know what you technically call it. You know it’s a difficult challenging situation and there’s no question about it.”
Crist says the best thing Floridians can do in these tough times is to keep spending. He says now is a good time to get a deal on a house and says the banks in Florida are ready to write loans.


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