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State Revenues Drop, Home Sales On The Rise

August 15th, 2008 by flanews

State economists are predicting more revenue losses for the current budget year. Floridas number one in job losses, but As Whitney Ray tells, the housing market is doing better than predicted.

Hear it Here: State Revenues Drop, Home Sales On The Rise

Real Estate Agent Penny Hermans optimism is starting to pay off. Penny said home prices in Florida are stabilizing. Sales for April through June out paced the first three months of 2008 by almost 40 percent.

The world was lying low the first quarter then April, May, June, July hit and its just been great. People are realizing now is the time to buy, said Herman.

Despite the spike in sales for the 2nd quarter, homes sales are down 6 percent when compared to the same time last year. Economists meet at the Capitol Friday to find out how much a drop in consumer spending will affect state revenues. Since he lost his job as a cook four months ago Adam Sears is spending less.

They couldnt afford to keep as many employees anymore, they had too many employees, they even had to stop opening for a day, said Sears.

Adam spent the day job searching. Hes not alone. Nearly a hundred thousand Floridians lost their jobs last year. Until they find jobs state revenues will keep falling. Numbers released today show Florida leads all state in job losses. The states unemployment rate rose to 6.1 percent, the highest jobless rate in Florida in more than 13 years.

Posted in Housing, State Budget, State News | 16 Comments »

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