Weak Florida Residential Sales Main Part of Fed Report
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While overall, the southeastern United States economy was vibrant, the residential real estate market showed the greatest weakness. Most of the region had a higher inventory of available properties, but Florida was in the deepest trouble. The speculation bubble has left too much inventory to be quickly absorbed by the local market.
While this is nothing new to regular readers, it is also nice to see that the overall economy is still going strong despite the housing slowdown. When the surplus housing is absorbed, the economy will be in a position to take off.
Florida reported the largest declines in sales and new home construction, the Atlanta Fed said in its Jan. 17 Beige Book report, a summary of economic conditions in six states, including Alabama, Florida, Georgia, and parts of Louisiana, Mississippi and Tennessee.
Home sales were more mixed elsewhere in the district, although inventories of homes for sale remained high across much of the region. Most Florida real estate agents reported price reductions on existing homes for sale, while there were scattered reports of price declines in other parts of the district as well, the report said.
Nonresidential development in the district remained at healthy levels, and commercial real estate markets improved late in the year as office occupancy and rental rates increased, according to the report.
Residential loan demand also remained weak in most parts of the district, especially in Florida, the report said. While banking conditions were stable and overall credit quality district-wide was good, there were some reports of increases in consumer loan delinquency in parts of the district. via the Business Journal
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Comment by Michael Chantrel on 19 January 2007:
The housing slow down is going pretty slowly; that is, the bubble that everyone has predicted to pop is only very slowly deflating. In fact, I’m still waiting for prices to be down more than single-digit percentages. Amazing that all that house speculation has been so much hype and so little bust.