Boom, Bust, and Beyond: A look at Housing Market Data in Florida
ORLANDO -- The American Action Forum today released a new paper -- Boom, Bust, and Beyond: A Look at Housing Market Data in Florida -- in conjunction with our event -- The U.S. Housing Recovery: Lessons from Florida.
As the paper points out, "The housing crisis resulted in a nearly unprecedented loss of household wealth that, while widespread, hit a handful of states particularly hard. Congress now turns to address a grim fiscal outlook and a housing finance system burdened with uncertainty. In Florida, prices statewide fell 52.7 percent from the peak of the market in April 2006 to the trough in October 2011, according to Zillow. As a large, diverse state with over 19 million people, the pace of the recovery has varied among its metropolitan areas. Yet Florida's narrative is defined by high foreclosure rates, lengthy foreclosure timelines, and steep jobs losses in the construction industry. For sustained improvement across the state, Florida must quickly clear the inventory of distressed properties, i.e. foreclosed homes, and pursue stronger job and wage growth."
Read the full study here.