FL Title Firm Sees Slowdown
A new report released by Attorneys' Title Insurance Fund here finds that Florida's housing markets slowed in 2006 in nearly every geographic region. The report also shows that Florida's economy has downshifted from a period of spectacular growth to merely strong growth and will continue through 2007 and into the first half of 2008 before giving way to more robust growth.
The Real Estate Index Forecast, commissioned by Attorneys' Title Insurance Fund's Consumer Education Campaign, was created by economist Hank Fishkind of Fishkind & Associates Inc., using The Fund's extensive 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.
"As the 2007 Real Estate Index Forecast report indicates, Florida's housing markets bottomed out in 2006 across most of the state," said Mr. Fishkind. "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."
The Fund's 2007 Real Estate Forecast also shows that 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.
Conversely, 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. (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com