This is the definition of mixed info out there. I just posted today the fact that Miami was 2nd in the nation in construction, following only San Francisco. Our tourism, and service related industries are thriving, travel is up and expanding rapidly. But will still lead the nation in foreclosures. Not just any foreclosures, small and large, reflecting a strange mixed demographic of people being affected. And they are increasing rapidly, up 50.4% from December. This is unusually high compared to the rest of the country. Of the top 10 places in the country for highest foreclosure rates, Florida has 8. The Treasure Coast is leading the nation (despite its’ name), and South Florida is number 2. This is really scary: 1 out of every 239 housing units was filing for foreclosure in January in South Florida. I think this is more evidence of the inequality going on out there. The people who are making money are doing well and business is increasing. The people who are not are seeing their prospects fade even lower. This is what happens in a free trade economy, there will always be winners and losers but these numbers are really shocking. We have not turned the corner on the housing crisis yet, and it is what is truly restraining the recovery, not just here but around the country (but especially here where we are all so dependent on the housing market for our personal wealth). Until the housing market comes back we won’t have a full recovery. What is more confusing about this is that home prices have been rising, more deals are being made and the residential housing market seems much improved until you see these numbers. It is confusing, and I think it will be for some time. The recovery is very location specific, where certain cities and areas are thriving while their neighbors struggle. There is plenty of work to be done here, but progress is slowly happening in general. Slow and unsteady is how this recovery is going to go, but heading in the right direction thankfully.
South Florida foreclosures top nation in January, RealtyTrac says
http://www.bizjournals.com/southflorida/blog/morning-edition/2014/02/south-florida-foreclosures-top-nation.html?ana=e_sflo_rdup&s=newsletter&ed=2014-02-13
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