UF: Election and unemployment add to fears for real estate
GAINESVILLE, Fla. – Nov. 2, 2010 – Uncertainty persists in Florida’s real estate markets, aggravated by the state’s high jobless rate and fears about today’s election, a new University of Florida survey finds.
“While investment in real estate continues to flow into Florida, there is a tremendous amount of apprehension in the market due to government and economic forces,” says Timothy Becker, director of UF’s Bergstrom Center for Real Estate Studies, which issued its quarterly survey this week.
The survey is the most extensive of Florida professional real estate analysts and investors conducted on an ongoing basis. The total number of participants in the current survey is 266, who represent 13 urban regions of the state and up to 15 property types.
The state’s high unemployment continues to limit real estate growth, Becker says. The joblessness rate reached 11.9 percent in September compared with 9.6 percent nationally.
Most respondent concerns about the midterm election relate to the economy. “The results will affect Congress’ decision whether to extend the Bush-era tax cuts or let them expire, government spending and a host of other issues that currently prevent companies from hiring and expanding,” Becker says.
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