Florida, Southern, Northern, Central, Keys, When will my home value return?

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Florida Real Estate Market: When will Home Values Return?

Are there signs of life in Florida?

Foreclosures have been the name of the game in Florida over the past year, and now many people are wondering when things will start getting better. First, the bad news: according to the Fiserv Case-Schiller Analysis, home values will not return until after 2039.

The Fiserv Case-Schiller Analysis reported that home prices in Florida reached their peak in the second quarter of 2006. The overwhelming housing bubble that hit Florida had to bust eventually, and as a result, foreclosures have plagued this state.

Unemployment Still an Issue

The job growth in Florida seems to have helped the foreclosure issue, but homes in the red still nevertheless greatly impacted the Sunshine State. Regardless of the job gains in recent months, unemployment will still continue to hang over the heads of many Floridians, and it is not expected to return to a healthy level until 2013-2014. In addition, population growth is expected to slow during this time as well.

If you’re looking for a quick fix for Florida, you may be waiting awhile. Florida went into the recession before many other states, and it will likely be one of the last ones to climb out of the recession. If you’re looking to buy a home in Florida, now may be the time; however, don’t expect your home to fetch what it did even a year or two ago if you’re one of the many disappointed sellers in Florida.

The foreclosure rate dipped for the first time in January, and lending appears to have rebounded. Miami’s condo market, for example, has begun to stabilize, and lenders are willing to fork over money for larger deals.

High Number of Foreclosures

Although the foreclosure rate for Florida is showing signs of hope, it is important to point out that Florida still ranks among the top states in terms of properties in foreclosure. Other states that rank high in terms of foreclosures include California and Arizona.

Credit Shortage Remains a Major Issue

The credit shortage is still a major issue in Florida, as there are some 60 banks in Florida that are considered troubled. Federal regulators are expecting to close about 20 banks in Florida this year; 14 Florida banks were closed down last year.

A high rate of foreclosures, tight lending standards and a high unemployment rate have all worked against the rebound of Florida home values. Most real estate experts agree that until the credit shortage issue is remedied and banks become stronger, Florida cannot expect to see major gains.


Largest Cities in Florida by Size:

Jacksonville
Miami
Tampa
St. Petersburg
Orlando
Hialeah
Fort Lauderdale
Tallahassee
Cape Coral
Port St. Lucie

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