Florida Politicians, New Construction, Sales Gimmicks & Rising Rates
Having blogged about the Florida HousingBath for over a year and waited patiently for signs of a recovery, there are four types of news headlines that make blood stream from my eyes like LeChiffre in Casino Royale: 1.) Florida property taxes and insurance rates aren't falling...They're still RISING. Translation: Your "leaders" in Tallahassee reneged on their promises of two years ago, and simply don't care about the added financial strain on average Floridians. 2.) Certain Florida homebuilders are suddenly bullish again and moving forward with new developments. Translation: Plummeting median prices, existing homeowners and tens of thousands of pending foreclosures be damned...we think now is a great time to ramp up Florida's excess home and condo inventory. 3.) Yet another chance to "win" a Florida home for $50. Translation: Suckers Wanted. Some loser can't unload his bad investment, so he's going to make the current Florida housing situation look even more gimmicky and pathetic with another online raffle pricing a tiny townhouse significantly higher than market value four years ago. 4.) Mortgage rates are rising thanks to Fed policy and rising uncertainty. "Translation: Higher rates may deepen the two-year slump which helped trigger the recession and sideline consumers planning to refinance or buy their first home." (Bloomberg)
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