The Daily Soak - May 1

Central Florida Home Vacancy Rate is Nation's Highest

An interesting commentary from Mike Thomas regarding some disturbing trends in the Florida housing market and nationwide. Thomas notes that in his backyard of Central Florida, the home vacancy rate is 7.4%, one of if not the highest in the nation. Looking at the U.S. in general, one researcher at Virginia Tech predicts "a glut of 22 million 'large-lot' detached homes by 2025, with large lot defined as one-sixth of an acre and up. While the rising number of new construction vacant condos is on the rise in downtown Orlando, Thomas believes "the glut in the outlying burbs is the real time bomb" where many developments were "thrown up with reckless abandon during the housing bubble to feed speculator demand."


Florida Military Personnel Impacted by Falling Home Prices

A member of the House Defense Appropriations Committee is concerned over the impact the housing crisis is having on servicemen and women in his district. In a letter written to U.S. Defense Secretary Robert Gates, U.S. Representative C.W. Bill Young expressed his concern that military personnel transferring out of MacDill Air Force Base in Tampa to other posts are forced to list their homes for thousands less than they may own on their mortgages. Congressman Young emphasizes the fact that the current problem hits these Americans particularly hard as they have no choice but to move when issued new orders. His heart-felt missive to Secretary Gates is summed up with one simple plea, Our soldiers need your help.


2008 Florida Housing Industry Update Date Announced

The Orlando Business Journal announced the date for the 2008 Industry Update (October 31) which will take place at the Portofino Bay Hotel: Join Orlando Business Journal and the Home Builders Association of Metro Orlando for our annual Housing Update. At this event, you'll hear from some of the region's top experts in the residential real estate industry and get an update on the local housing market. A diverse panel will discuss everything from affordability and custom homes to local trends and what going green means for Central Florida builders. Seats are limited! Register early for one of the most vital industry updates of the year!