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Housing Meltdown

By Javier Gines:

I will like to share an article that i found in Business Week that puts the "Real" in Real Estate. You can find it at:

http://www.businessweek.com/magazine/content/08_06/b4070040767516.htm?campaign_id=widget_topStories

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Florida’s Existing Housing Market Mirrors National Trend At Year-End 2007

ORLANDO, Fla. -- Jan. 24, 2008 -- Florida’s housing market followed the national trend in 2007, as mortgage industry issues and a sluggish economy impacted sales and prices. By year’s end, a total of 130,241 homes sold statewide for a 29 percent decrease compared to the 183,988 homes sold in 2006, according to the Florida Association of Realtors® (FAR). However, 2007 is expected to be the fifth highest sales year on record for existing-home sales, according to the National Association of Realtors® (NAR).

“What we experienced during the five-year boom cycle (2001-2005) was not a normal housing market,” notes 2008 FAR President Chuck Bonfiglio. “It was a market like we have never seen before. Existing-home median prices went up statewide over the past five years by some 60 percent; prices only declined in 2007 from 2006 by 5 percent. People are still experiencing a sizable return on their investment if they have owned their home over the past six years. The outlook for 2008 is that the housing market should start to normalize, that we should see some gains by the end of the year. Continued efforts to resolve Florida’s property insurance and property tax issues will also help revitalize our state’s housing market.”

The latest market outlook from NAR predicts that, as conditions for the mortgage industry continue to improve, existing-home sales should hold fairly steady over the next few months, rise later in the year and continue to improve in 2009. “A meaningful recovery in existing-home sales could occur as early as this spring, or it may be further delayed toward late 2008,” says NAR Senior Economist Lawrence Yun. “Our consumer survey shows buyers today are in it for the long haul, planning to stay in their home for a median of 10 years. This is a wise approach to housing because the data shows the longer you own, the better your investment.”

Florida’s median sales price for existing single-family homes for year-end 2007 was $233,600; a year ago, it was $247,100 for a 5 percent decrease. The median is the midpoint; half the homes sold for more, half for less. At the end of 2002, the statewide median sales price for single-family homes was $137,800, for an increase of 69.5 percent over the five-year-period, according to FAR records.

Sales of existing condominiums in Florida also decreased last year, with a total of 41,478 condos sold statewide compared to 56,877 in 2006 for a 27 percent decline, according to FAR. The statewide median sales price for condos at year-end was $205,100, down 3 percent from the 2006 year-end condo median price of $211,500. NAR reported the national median existing condo price was $223,500 in October 2007.

Interest rates for a 30-year fixed-rate mortgage at the end of 2007 averaged 6.34 percent, according to Freddie Mac, down from the average rate of 6.41 percent at the end of 2006. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s larger markets, the West Palm Beach-Boca Raton Metropolitan Statistical Area (MSA) reported 6,971 existing homes sold last year compared to 8,640 homes sold in 2006 for a 19 percent decrease. The market's median sales price for homes was $369,400; in 2006, it was $384,700 for a 4 percent decrease. A total of 5,674 existing condos changed hands in the MSA last year, down 8 percent from the 6,139 condos sold in 2006. The existing condo median sales price in 2007 was $198,000; in 2006, it was $220,400 for a 10 percent decrease.

“It’s absolutely critical now for people to work with a knowledgeable local Realtor who can help guide them through the process of buying or selling a home,” says John Mike, president of the Realtors Association of the Palm Beaches and a Realtor-sales associate with Prudential Florida WCI Realty. “We’re more than just a technological resource for a real estate transaction: A professional Realtor is a fountain of information and knowledge to have on your side when making one of the biggest financial investments most people will ever make. Just like in the military, you need the right intelligence to make the right decisions. When you go out to do battle in the real estate market, you ought to be armed with the best intelligence on the local housing market and community. That’s what a local Realtor will provide.”

Among the state’s smaller markets, the Gainesville MSA reported a total of 2,644 homes sold in 2007 compared to 3,174 homes the previous year for a 17 percent decrease. The existing home median sales price was $210,400; in 2006, it was $213,200 for a 1 percent decline. A total of 939 existing condos sold in the MSA last year compared to 1,284 condos sold in 2006 for a 27 percent decrease. The market’s existing condo median price was $154,900; in 2006, it was $153,400 for an increase of 1 percent.

J. Parrish, president of the Gainesville Alachua County Association of Realtors and president of Coldwell Banker M.M. Parrish, Realtors, says retirement trends for baby boomers likely will benefit the area. “You hear the research on how boomers are retiring earlier than their parents did, and that they want a more active lifestyle,” he says. “Therefore, they’re retiring to places where they can find the amenities of continued education, sports and cultural activities associated with university towns like Gainesville.”

© 2008 FLORIDA ASSOCIATION OF REALTORS
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Florida To Prosecute ‘Rescue Foreclosure’ Mortgage Scams

TALLAHASSEE, Fla. – Jan. 23, 2008 –Attorney General Bill McCollum today announced a multi-pronged initiative to combat mortgage-related fraud, specifically fraud involving “rescue foreclosure” scams. As part of the litigation and legislation-based initiative, McCollum filed a lawsuit asserting South Florida-based National Foreclosure Management and multiple affiliates defrauded at least 80 homeowners out of approximately $1.7 million in home equity.

Sen. Mike Fasano (R-New Port Richey) and Rep. Clay Ford (R-Pensacola) also unveiled new legislative proposals yesterday to crack down on mortgage rescue scams.

Beginning in October 2004, National Foreclosure Management – which now does business as American Home Rescue Inc. – selected homeowners who had substantial equity in their homes but were in the foreclosure process. According to the lawsuit, the company would offer to hold the titles to the homes for a year, refinance the debt, and provide cash and credit repair counseling to the homeowner, all while allowing the homeowner to remain in the house. The company claimed it would deed the property back at the end of the year after the foreclosure had been avoided and the homeowner’s credit repaired.

Once the company had obtained the title to the house, the lawsuit alleges that the company would strip the equity from the homes by refinancing them at inflated prices and by assessing fraudulent fees and costs, leaving little or nothing for the homeowner to recoup. The home would then be sold outright to an investor or a straw buyer who would lease the home back to the homeowner at a rental rate far exceeding the original mortgage payment, virtually ensuring the homeowner’s eventual eviction. According to the lawsuit, the homeowners would end up with neither the titles to the homes nor the equity that rightfully belonged to them.

The lawsuit, filed with the Office of Financial Regulation, seeks restitution to the affected homeowners, dissolution of the rescue foreclosure companies, and revocation of the mortgage brokers’ licenses.

“Mortgage fraud is a destructive crime that can destroy a family’s future in an instant, and we need stronger laws to protect Florida’s consumers,” said Chief Financial Officer Alex Sink, who oversees the Department of Financial Services and who heralded today’s actions as essential to the fight against mortgage-related fraud. “It is downright disgraceful that some would use trickery to steal the dream of homeownership from a struggling Floridian.”

The proposed legislation – SB 992 and HB 643 – offers the following provisions:

• A five-day right of cancellation period that allows a consumer to cancel the agreement with the foreclosure rescuer

• Requires that foreclosure rescuers include in the contract clear and conspicuous notice to homeowners of this right of cancellation, as well as a recommendation that the homeowner contact the lender or mortgage servicer prior to the signing of the agreement, and a provision that states the consultant is prohibited from accepting any form of payment until all services are completed

• Defines terms such as “Equity Purchaser,” “Foreclosure Consultant,” “Foreclosure-related Services” and “Foreclosure Rescue Transaction”

• Creates penalties, defining violations as unfair and deceptive trade practices subject to the penalties included in Part II of Chapter 501, Florida Statutes.

© 2008 FLORIDA ASSOCIATION OF REALTORS®
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Do Your Homework!

By Javier Gines

During my normal browsing through the net I found a very interesting article for homeowners. Unfortunately, I couldn't post the article, but guess what? I can provide the link. Lets keep our values up!

Do Your Homework

© 2008 All Rights Reserved. F-elle Brokerage Company & Real Estate Content
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NAR: Stimulus Package Must Include Loan Limit Increase

WASHINGTON – Jan. 21, 2008 – President George W. Bush and Congress are discussing economic stimulus packages to ward off a recession, and the National Association of Realtors® (NAR) is urging them to help homeowners and the national economy by loosening constraints on Fannie Mae and Freddie Mac.

“We believe that any stimulus package must address housing issues and increasing the conforming loan limits for these two government-sponsored enterprises,” says NAR President Dick Gaylord. “The increase in loan limits would not only improve liquidity in the mortgage marketplace, but also boost homebuyers’ confidence levels, resulting in increased sales and economic activity.”

NAR has been calling on Congress and the administration to increase the loan limits for Fannie Mae and Freddie Mac from the current ceiling of $417,000 to $625,000. “This change will permit more families to enter the housing market by making more mortgages available with lower interest rates. Increased home sales will lower inventories and immediately start stabilizing the housing market and the economy,” Gaylord says.

In addition, NAR has been actively advocating for quick passage of the Federal Housing Administration (FHA) reform bill. A reformed, modernized FHA program would offer a safe and affordable alternative to subprime mortgages, which are widely blamed for the current high rate of foreclosures and ensuing credit crunch. “FHA reform would not only ensure we don’t find ourselves in this very unfortunate situation again, but also it can help many families currently facing foreclosure,” says Gaylord.

In a letter to congressional leaders, NAR estimated that lifting the GSE loan limit to $625,000 would lower interest payments for consumers who get new “GSE jumbo” loans, reduce the supply of homes on the market by one to one-and-one-half months, strengthen home prices by two to three percentage points, and increase economic activity by $42 billion. An additional NAR report shows that increasing conforming loan limits could help reduce foreclosures by 140,000 to 210,000 and result in an additional 348,000 home sales.

“This is the quickest way to help the hurting housing market,” says Gaylord. “As the potential for an economic recession increases and the fragile housing market continues to teeter, raising loan limits and reforming FHA would immediately impact the marketplace without the need for any new, complex federal programs or tax dollars. We strongly urge Congress to take these actions, in any stimulus plan, to stabilize the housing market and protect homeowners.”

© 2008 FLORIDA ASSOCIATION OF REALTORS®
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More On Amendment 1

By Javier Gines:

2 FL leading newspaper have expressed their support for Amendment 1. You can read the following articles:

The Orlando Sentinel
Naples Daily News

© 2008 All Rights Reserved. F-elle Brokerage Company & Real Estate Content
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Crist Continues To Advocate Passage Of Amendment 1

TALLAHASSEE, Fla. – Jan. 14, 2008 – Governor Charlie Crist will spend a lot of time this week advocating passage of Amendment 1, the property tax reform proposal voters will consider on Jan. 29. The governor continues to visit families who will benefit from passage, and plans a promotional bus tour around the state on Wednesday.

“With a little more than two weeks before Election Day, the Yes on 1 campaign continues to gain momentum with new endorsements, our first commercial and several visits with homeowners across the state,” said Crist in a letter to voters. “You can expect to see more in the coming weeks … Support for Amendment 1 continues to grow and just (last) week the Construction Executives’ Association and the Florida Bankers Association joined several other organizations and associations supporting Amendment 1.

Other groups supporting Amendment 1 include:

• Association of Builders and Contractors
• Associated Industries of Florida
• Construction Executives’ Association
• Florida Association of Realtors
• Florida Bankers Association
• Florida Carpenters Regional Council
• Florida Chamber
• Florida Home Furnishings Association
• Florida Homebuilders Association
• Florida Manufactured Homes Association
• Florida Medical Association

The bus tour on Wednesday will cross the state with tentative stops planned in Volusia, Orange, Hillsborough and Lee Counties. For more information, visit the “Yes on 1” Web site at: http://www.yeson1florida.com

© 2008 FLORIDA ASSOCIATION OF REALTORS®
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NAR: Stable Existing-Home Sales Expected In Early 2008, Then Gradual Rise

WASHINGTON – Jan. 9, 2008 – Over the next few months, existing-home sales are expected to hold fairly steady as indicated by pending sales activity, then rise later in the year and continue to improve in 2009, according to the latest forecast by the National Association of Realtors® (NAR).

Lawrence Yun, NAR chief economist, says there is a pull and tug exerting itself on the market. “On the one hand, we have a pent-up demand from the four million jobs added to our economy over the past two years of sales decline,” he says. “On the other, consumers continue to wait for additional signs of market stabilization. There are more people with financial capacity now than in 2005, but many are trying to market-time their purchase. As a result, the exact timing and the strength of a home sales recovery is a bit uncertain. A meaningful recovery in existing-home sales could occur as early as this spring, or it may be further delayed toward late 2008.”

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in November, fell 2.6 percent to a reading of 87.6 from a strong upward revision of 89.9 in October, but remains above the August and September readings and indicates a broad stabilization. The index was 19.2 percent below the November 2006 level of 108.4. “Although there could be some minor slippage in the first quarter, existing-home sales should hold in a narrow range before trending up,” Yun says.

The PHSI in the South rose 2.3 percent in November to 100.7 but is 19.8 percent below a year ago. In the West, the index slipped 2.1 percent to 86.6 but is 18.5 percent lower than November 2006. The index in the Midwest fell 4.1 percent in November to 82.1 and is 18.6 percent below a year ago. In the Northeast, the index dropped 13.0 percent in November to 70.1 from a spike in October, and is 19.1 percent below November 2006.

Existing-home sales for 2007 will probably total 5.66 million, the fifth highest on record, then edge up to 5.70 million this year and 5.91 million in 2009, compared with 6.48 million in 2006. Existing-home prices for 2007 are likely to be down 1.9 percent to a median of $217,600, hold even this year and then rise 3.1 percent in 2009 to $224,400.

“Rising home prices in the affordable midsection of the country are likely to offset declines in some of the previously hot markets,” Yun says.

There are wide variations in housing market conditions around the country, with nearly two-thirds of the metropolitan areas showing price gains. Healthy increases in metro prices are occurring in places such as Pittsburgh; Beaumont-Port Arthur, Texas; San Jose, Calif.; and Bismarck, N.D.

“Our consumer survey shows buyers today are in it for the long-haul, planning to stay in their home for a median of 10 years. This is a wise approach to housing because the data shows the longer you own, the better your investment,” Yun says.

New-home sales are projected at 773,000 for 2007, and declining to 669,000 this year before rising to 730,000 in 2009, but well below the 1.05 million 2006. With an appropriate slowdown in production, housing starts, including multifamily units, are forecast at 1.36 million for 2007 and 1.09 million this year before edging up to 1.10 million in 2009; starts totaled 1.80 million in 2006. The median new-home price should drop 2.1 percent to $241,400 for 2007, and then rise 0.4 percent to $242,200 this year and gain another 5.9 percent in 2009.

“Some policy changes, such as raising the loan limit on conventional mortgages, would provide a significant boost to home sales, increase liquidity, strengthen home prices and lessen foreclosures, but it is unclear as to if and when the measure will be implemented,” Yun says. NAR strongly supports raising the Government-Sponsored Enterprise loan limit to at least $625,000 from the current $417,000 so that more consumers will have access to lower interest rates on safe conforming mortgages. “NAR estimates that raising the GSE loan limit will result in interest rates savings for an additional 330,000 homeowners,” he says.

NAR also encourages the Fed to make a single lump-sum cut in the Fed funds rate to 3.5 percent at the January Federal Open Market Committee meeting, rather than a series of modest cuts throughout the year. “Consumers are also looking to market-time interest rates, and the expectations of further rate cuts are pushing some home buyers to delay. Monetary policy will be much more effective with a one-time large cut, rather than a series of small cuts,” Yun added.

The 30-year fixed-rate mortgage is expected to rise slowly to the 6.3 percent range by the end of this year, but an additional cut in the Fed funds rate would lower short-term interest rates.

Growth in the U.S. gross domestic product (GDP) is seen at 2.1 percent in 2007, below the 2.9 percent growth rate in 2006; GDP growth will probably be 2.0 percent this year.

After averaging 4.6 percent for both 2006 and 2007, the unemployment rate is estimated to rise to 5.3 percent in the second half of 2008. Inflation, as measured by the Consumer Price Index, is projected at 2.9 percent for 2007 and 3.1 percent this year; it was 3.2 percent in 2006. Inflation-adjusted disposable personal income is forecast to grow 3.1 percent for 2007, the same as in 2006, and then grow 1.6 percent this year.

© 2008 FLORIDA ASSOCIATION OF REALTORS
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Study: Single Person, Non-Child Families Trend In 2007 Florida Home Sales

ORLANDO, Fla. – Jan. 8, 2008 – One in three Florida homebuyers is single, with 21 percent of 2007 home purchases made by single women and 12 percent by single men – just one finding from the newly-released Florida version of NAR’s “2007 Profile of Florida Homebuyers and Sellers.” Another highlight: Over two-thirds of Florida buyers (64 percent) had no children younger than 18.

The 2007 Profile of Florida Homebuyers and Sellers describes the characteristics and motivations of recent homebuyers and sellers in Florida to help real estate professionals track the changing demands of consumers in a dynamic market. Here’s a summary of the report’s findings:

Characteristics of homebuyers

• The median age of homebuyers was 43 years old. Among first-time buyers, the median age was 32.
• The 2006 median household income of homebuyers was $67,500 compared to $74,000 among homebuyers nationally.
• Sixty-four percent of homebuyers reported that there were no children under age 18 residing in the home.
• Fifty-nine percent of homebuyers were married couples, 21 percent single females, 12 percent single males, and 6 percent were unmarried couples.
• Eighteen percent of Florida homebuyers reported they were born outside the United States, compared to 9 percent nationally.
• First-time homebuyers accounted for 38 percent of homes purchased in 2007.
• Forty-nine percent of first-time homebuyers were between 25 and 34 years old.
• The median income of first-time homebuyers was $58400 compared to $58,600 among all first-time buyers nationally.
• Sixty-five percent of homebuyers between 18 and 24 purchased a home because of their desire to own a home of their own and establish a household.
• Thirty-eight percent of homebuyers reported using social networking Web sites, such as, MySpace, Facebook, LinkedIn, and Friendster. Among homebuyers aged 18 to 24, 76 percent reported using social networking sites.

Characteristics of homes purchased

• Twenty-seven percent of recent homebuyers purchased newly built homes.
• Fifty-eight percent of homes purchased were detached single-family homes.
• The typical homebuyer purchased a home 14 miles from their previous residence.
• The median price of homes purchased was $230,000 compared to $215,000 in the U.S.
• The typical buyer purchased a home that was 1,700 square feet in size.
• Recent homebuyers plan to live in their home a median of 10 years.

The home search process

• Twenty-five percent of recent buyers reported that their first step in the home-buying process was looking online for properties for sale. Eighteen percent of first-time buyers and 24 percent of repeat buyers reported their first step was to contact a real estate agent.
• Eighty percent of homebuyers used the Internet to search for homes.
• The typical homebuyer searched for a home for a median 8 weeks and saw a median 10 homes.
• Eighty-four percent of homebuyers used a real estate professional during their home search.
• Among homebuyers, the typical Internet searcher was 40 years old and visited a median 10 homes. The typical homebuyer that did not use the Internet to search for homes was 53 years old and saw a median 5 homes.
• Thirty-seven percent of homebuyers first learned about the home they purchased from a real estate professional; 19 percent first learned about the home they purchased through the Internet.
• Seventy-two percent of buyers viewed the Internet as a very useful tool in their home search.
• Real estate agents were viewed as a very useful information source by 67 percent of buyers, and as a somewhat useful information source by an additional 23 percent of buyers searching for a home.

Home buying and real estate professionals

• Seventy-one percent of homebuyers purchased their home through a real estate agent or broker.
• Buyers searched for a median of two weeks on their own before contacting an agent.
• A friend, family member, neighbor or relative referred 52 percent of first-time buyers to their agent.
• Ninety-eight percent of buyers ranked honesty and integrity as a “very important” factor when choosing a real estate professional to assist with a home purchase.
• When asked about their agent’s performance on those qualities considered important, 80 percent reported they were “very satisfied” with the honesty and integrity of their agent.
• Sixty-eight percent of recent buyers will definitely use their agent again, and an additional 19 percent will probably use the agent again or recommend to others.

Financing the home purchase

• Ninety percent of homebuyers financed their home purchase; 98 percent of first-time homebuyers financed the purchase of their home compared to 90 percent of repeat buyers.
• Savings were the chief source of the downpayment for most first-time homebuyers (69 percent).
• Fifty-three percent of repeat buyers used proceeds from the sale of their primary residence toward the downpayment; 46 percent relied on savings for a portion of the downpayment.
• Forty-seven percent of all buyers believe that their home purchase was a better financial investment than stocks, and an additional 30 percent of buyers feel their home purchase was at least as good an investment as stocks.

Home sellers and their selling experience

• The median age of home sellers was 48 years; they had a median income of $83900.
• Sixty-nine percent of home sellers were married and 61 percent had no children under 18 years old living at home.
• Fifty-one percent of home sellers traded up to a larger home when purchasing their next home.
• The typical home seller owned their home for 6 years.
• Fifty-three percent of recent home sellers reported that they undertook home improvement or remodeling projects within three months prior to putting their home on the market.
• The typical home was on the market for 10 weeks. 33 percent of home sellers did not reduce their asking price before their home sold.
• Recent sellers typically sold their homes for 96 percent of the listing price.
• Seventy-nine percent of sellers used an agent or broker to sell their home.
• Sixty-seven percent of all sellers were very satisfied with the selling process.

Home sellers and real estate professionals

• Fifty-nine percent of sellers contacted only one agent before selecting one to help assist in the sale of their home.
• When selecting a real estate professional, 36 percent of sellers received a recommendation from a friend, neighbor or relative.
• The reputation of the agent was the most important factor when choosing a real estate professional for 39 percent of recent sellers.
• Twenty-six percent of sellers used the same agent for their home purchase.
• For 37 percent of sellers, their most important expectation is that the real estate agent will help sell the home within a specific timeframe.
• Eighty-six percent of sellers reported that their home was listed or advertised on the Internet.
• Eighty-two percent of sellers used an agent that provided a broad range of services and managed most aspects of the sales transaction.
• Sixty-two percent of sellers reported they would definitely use the same real estate agent again.

For sale by owner (FSBO)

• Seventeen percent of sellers sold their home without the assistance of an agent compared with 12 percent of sellers nationally. Among all sellers, 3 percent were FSBO sellers who knew the buyer.
• Eighty percent of FSBO sellers sold a detached single-family home.
• For 19 percent of FSBO sellers, the most difficult task in selling their home was understanding and performing the necessary paperwork to complete the transaction, for 3 percent it was preparing the home for sale, and for 12 percent the most difficult task was getting the price right.

To download the complete report in PDF format, go to floridarealtors.org at: http://www.floridarealtors.org/LegislativeCenter/Research/index.cfm

© 2008 FLORIDA ASSOCIATION OF REALTORS®
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Florida Real Estate Market Reached Bottom In 2007, Report Says

ORLANDO, Fla. – Jan. 8, 2008 – A new report from the Attorneys’ Title Insurance Fund Inc. (The Fund) finds that Florida’s housing market slowed in 2007 in nearly every county analyzed. The report also shows that real estate markets flattened out in spring 2007, before the subprime mortgage crisis in August knocked markets down another 10 percent across the state. Since then, the state’s housing market has flattened and is expected to begin to recover during the next several years.

The 2008 Fund Real Estate Forecast, commissioned by Florida-based Attorneys’ Title Insurance Fund's Consumer Education Campaign, was created by economist Dr. Hank Fishkind of Orlando-based Fishkind & Associates, Inc., using deed data for more than 30 Florida counties. The report provides a snapshot of the national economic outlook and 33 county-specific forecasts for 2008 through 2010, as well as a section detailing how actual 2007 data compared to projections that were made in last year’s Fund 2007 Real Estate Forecast report.

“Florida is one of the leading states for job creation and outperformed the rest of the country despite the housing market meltdown,” Fishkind says. ‘The state’s population growth also slowed, but is still nearly greater than all of the other Southeastern states put together. Florida has a very large and powerful economy that has gone through a cyclical downshift, but it is still outperforming compared to the rest of the nation.”

The Fund’s 2008 Real Estate Forecast shows that Orlando continues to be the strongest residential real estate market in the state because of its large share of fast-growing industries, such as tourism, healthcare, education and defense manufacturing. Not all markets in Florida mirror Orlando’s resiliency, however. Miami-Dade is currently going through the worst condominium bust cycle that Florida has seen since 1975, according to Fishkind. Additionally, the report says that significant excess supply of single-family homes in the Fort Myers and Cape Coral markets will not begin to be absorbed until 2010.

“With Florida’s real estate market, it is important to maintain some perspective as recent reductions in home prices come after a very lofty and unsustainable peak, and prices are still up considerably compared to 30 years ago,” said Fishkind. “Florida has created a tremendous amount of wealth and – despite many of the problems that loose lending practices and subprime mortgages have caused – the state now has the highest level of homeownership ever. The market has some indigestion now, but housing markets will return to normal during the next few years; the damage for some is significant, but in the aggregate, Florida still had some significant economic gains.”

For more information, go to: http://www.myrealestatestory.com/template.cfm/5_6
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