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Home Sales Up 33 Percent

November 12th, 2009 by flanews

Home sales are up in Florida by 33 percent over a year ago while foreclosure filings have fallen for the first time since July of 2006. As Whitney Ray tells us, the good news comes amid warnings that Florida is on the path to financial destruction.

Floridians are buying new houses at a pace of 3,600 a month, cashing in on an 8,000 dollar tax credit and falling prices. Sales rose 33 percent in the third quarter of this year. Prices fell 22 percent.

We are seeing the beginnings of a turnaround here in Florida. The real estate market has been increasing sales month over month for the last 18 months, said Trey Price with the Florida Association of Realtors.

Low mortgage rates, the extension of the first time homebuyer credit, and a new credit for people trading up to a more expensive home could keep the market afloat though the holiday season. Its also keeping state government above water.

The uptick in home sales is having a positive impact on the states bank account. Last month home sales brought the state 11 million dollars more than expected.

For the fourth straight month Floridas revenue collections exceeded expectations. But the good new comes amid gloomy financial predictions. The Pew Research Center says Florida is on the path to financial destruction. Florida TaxWatch says the report is a warning not fate.

When the recession hit, it hit us first, it hit us harder, its going to last longer here in Florida as a result, so these tiny upticks that you see are tiny bubbles of uptick in the bottom of the bath tub where we still are. Weve got quite a ways to go, said Harvey Bennett with Florida TaxWatch.

But the journey from the bottom gets easier with each home sold and every family willing to open their wallets to furnish those homes. The Florida Association of Realtors says every home sale has a 60,000 dollar impact on the states economy.

Posted in Economy, Housing, State Budget, State News | 1 Comment »

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