Southeast U.S. Housing Market -Florida

Florida – The Sunshine State

• Foreclosed homes seem to be a reoccurring effect throughout the United States, however Florida has one of the highest rates.

• The reason for Florida’s high rate of foreclosures is due to the outstanding number of unemployed, ranking #2 behind Detroit.

• Florida is however starting to get back on track; over the last year there has been a much larger growth in home sales.

Government Aids Florida!

• Florida along with several U.S. states have been aided by the federal government’s, first time home buyers tax credit.

• Although with aid Florida’s home sales have risen, sales prices continue to decline.

Miami Thriving?

• Miami has become one of the country’s largest hot spots, bringing in new buyers.

• Miami has been growing rapidly over the past 5 years. Bankers have taken over huge condo and housing developments, abandoned by the developers.

• BUT, many South Floridians are

having trouble through the

economic woes.

The Miami Auction

• Auctioneers are feasting in Miami, with foreclosed home sales, creating a “bargain hunter’s” dream.

• However buyers are not coming, because mortgages are very hard to find right now in Miami.

• Miami’s housing market is struggling right now with a 24.2% value decline.

Palm Beach Just Staying Afloat

• The Palm Beach housing market is suffering greatly due to the economic crisis, and Wall Street scam artist, Bernie Madoff.

• Madoff desecrated the economy of Palm Beach, ripping off billions of dollars from scammed investors, causing struggling client’s homes to be foreclosed.

Madoff’s a Scab

• Foreclosure rates have soared since the devastating scam.

• This allowed home sales to be greater, but it is causing the value of the homes to plummet 15.1% in 2009.

Steady Naples

• The Naples market is becoming more and more stable as time goes on.

• Naples is one of Florida’s higher end markets, which means they are used to the market’s peaks and valleys.

• In 2009 Naples’ housing value decreased 14.2%.

Fort Lauderdale Almost at Rock Bottom

• The bottom of the market looks to be close in the FTL.

• Condo developers are selling their remaining properties any way they can, but the bottom of the market won’t be seen till then.

• Home values fell 11.9% for 2009.

No More “Devil” Ray in Tampa

• Tampa’s home sales are increasing as the foreclosure listings grow.

• A large demand for vacation homes are helping the sales get back to stability.

• Not only are the vacationers helping to increase sales, but first time buyers are too, thanks to the $8,000 federal tax credit.

Jacksonville Needs Tebow’s Help

• Aggressive banking practices is the central reason behind Jacksonville’s steady increase of foreclosures.

• The local economy is hurting because of bankruptcies and business closings, and are looking for that one boost to bring them back.

• Jacksonville’s housing values diminished 13.6% in 2009.

Not So Much Fun In Disney World

• Orlando is getting hit hard by the foreclosure rate, in an area that is the nation’s top vacation spot.

• Thousands of empty properties sit, driving the prices down, some of which not ready to be sold.

• Housing values fell 16.7% in 2009, due to simple supply and demand issues.

Seminole Chopped

• Florida’s capitol, Tallahassee, is seeing some increases in home sales due to government aid.

• The mortgage crisis is still impacting the capitol city, driving housing values down 11.8% for 2009.

Market Overview: 2009

City Decline

Miami -24.2%

Naples -14.2%

Palm Beach -15.1%

Fort Lauderdale -11.9%

Orlando -16.7%

Tampa -13.6%

Tallahassee -11.8%

Jacksonville -13.6%