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Who says the economy is improving?

Write your post here.
 
The St. Petersburg Times reported this past Sunday, March 20, 2011, that Florida ranks 2nd in the country "in the length of time from missing a mortgage payment to the end of the forclosure process, defined as when the bank takes possession".  The average foreclosure process in Florida takes 638 days and is second only to New York's 664 days!  That's 21 months of no mortgage payments before you are booted out of your house.  
It is anticipated that with 2.2 million foreclosures now delinquent by 90 days these timeframes will continue to grow.
 
The Tampa Tribune today, March 21, 2011, reported in its editorial page that between January 2010 and January 2011, the Florida construction industry lost 24,000 jobs and that nationwide the unemployment rate in the construction industry is a whopping 21.8%.
 
Is it any wonder that banks are not making development loans in the Tampa Bay area.  We still have a long dark tunnel before we see any large scale development in the residential, commercial or industrial markets here in Pasco County and throughout the Tampa Bay area.  

104 Comments to Who says the economy is improving?:

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Orlando Accident Attorney on Thursday, June 28, 2012 1:50 PM
It's June now..i think things are picking up just a little?
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Tim Hayes on Thursday, June 28, 2012 2:31 PM
One would certainly think so but with a recent flood of new foreclosure filings in my area of Florida it has definitely kept property values deflated. We have certainly seen an upswing in short sales, which has accounted for a lot of increase in real estate sales over the last several months. Reports from Southeast Florida show that foreign investors (mostly cash) have bought up quite a lot of the available waterfront condos in Broward and Dade Counties. The theory being that foreign investors still see US real estate as some of the most stable anywhere, especially considering some very unstable real estate markets throughout Europe. With credit still very tight it remains somewhat difficult for non-cash buyers to take advanatage of the available real estate market. What adds in part to the uncertainity is the current national political scene and the impact the November elections will have on the future of real estate. Many real estate investors are holding their cards and waiting for clearer signs of a recovery before jumping back into the real estate market as many were burned when they jumped to soon in 2008-2010 and ended up taking hits.


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