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e-Newsletter - February 2006
Florida real estate market bottomed out in 2006
ORLANDO, Fla. – Feb. 1, 2007 – Florida’s housing markets slowed in 2006 in nearly every geographic region, according to a new report from the Attorneys’ Title Insurance Fund. The report also shows that Florida’s economy has downshifted from a period of spectacular growth to a period of strong growth and that will continue through 2007 and into the first half of 2008, before giving way to more robust growth.
“As the 2007 Real Estate Index Forecast report indicates, Florida’s housing markets bottomed out in 2006 across most of the state,” says economist Hank Fishkind of Orlando-based Fishkind & Associates Inc. “However, the shape of the bottom varies widely across Florida’s metropolitan areas based on variations in the degree of speculative overbuilding that has occurred, the pace of household formation, and the changes in pricing.”
Commissioned by Florida-based Attorneys’ Title Insurance Fund’s Consumer Education Campaign, the Real Estate Index Forecast was created by economist Hank Fishkind of Fishkind & Associates, Inc., using The Fund’s online system of deed data for more than 30 Florida counties. The report provides a snapshot of the national economic outlook and county-specific forecasts for 2007 through 2009.
Orlando is the strongest residential real estate market in the state because of its strong household formations, driven by robust gains in employment and its relatively low levels of speculative housing inventory, according to The Fund’s 2007 Real Estate Forecast.
Conversely, the report indicates that Fort Myers and Miami are the weakest residential real estate markets in the state because of their large speculative housing inventories compared to somewhat lower trends in household information.
To see the full report, go to: http://www.fundhomeinfo.com/template.cfm/5_6© Copyright Business Wire 2007
