The housing bubble burst in states such as Ohio, New York and other states that people traditionally migrate south from has had a direct effect on the State of Florida's growth. Slow housing sales have restricted people's ability to move. People aren't able to sell their houses due to the combination of negative amortization, lack of willing buyers and inflated expectations of listing prices. In a recent Florida Time Union article it was "estimated only 35,000 more people moved into the state than moved out in the 12 months that ended in July. That was less than a fifth of the average yearly number since 2000."
What does this mean? Well, the normally thriving Florida housing market is reliant upon new people moving to the state. Will this trend last forever? It's unlikely! As history has taught us, the housing market runs in cycles. Once the sub prime bubble effect wears off and homes return to reasonable pricing, the housing market will come back. People from the north will be able to sell their houses or possibly be forced out of them due to foreclosure. Those people will flock to the sunshine state and our population will grow more substantially as that occurs. The bottom line is Florida's market is effected by the rest of the nation's housing lull, but it is only temporary.
Contact me today to discuss your housing issues at (786) 371-4431.
Harris W. Gilbert
harrisgilbert@keyes.com
www.hwgmiamirealestate.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment