It's official..RECESSION (Cape Coral, Fort Myers, North Port: real estate market, foreclosure, insurance)

[Compression]

Wachovia Economics Group declared that Florida is officially in a recession today...With the sharpest decline in 16 years.

www.businessweek.com/ap/financialnews/D929JSC80.htm (broken link)

Fox 4 news at ten O'Clock reported that the suicide rate in Cape Coral, alone, has TRIPLED over the same time last year.

Wonder how the Chamber of Commerce is gonna spin those tidbits of info?

[Georgia1113]

Florida has been in a recession for a long time. Look at all the glut of homes, no jobs, low pay, crime, etc. Real estate will continue on a downward slide for many years. Florida does not have qualify of life unless you are wealthy.

[DailyJournalist]

Originally Posted by Georgia1113

Florida has been in a recession for a long time. Look at all the glut of homes, no jobs, low pay, crime, etc. Real estate will continue on a downward slide for many years. Florida does not have qualify of life unless you are wealthy.

I agree, a State (Florida) can not sustain it self for long depending on only tourism and the money that people bring from other states. There is no diversification to the Florida economy. What it has caused is extremely low wages, skyrocketing property taxes and home values making Florida unattractive to many, and a declining educational system. Florida does not have any plans in place to attract any major companies, and most of the ones that do open offices in Florida do so in the form of Low-Wage call centers.

[robert999]

I thought we were already in a recession several months ago. We have had 2 consecutive quarters of declines in this state already. I think it will be slow in coming back as our taxes are increasing and God forbid that we have a Hurricane of substantial damage. Insurance rates will soar again and really put the Kabash on future growth.

[Starlady01]

Yes I know Florida has been heading for a recession for along time. I know of a few people right here in my neighborhood whom's house's have gone into foreclosure. If my house was about to go into foreclosure I would sell my house for what ever I could get out vs having to go thu a foreclosure. Even if I had to sell and only make $10,000 off the deal $10,000 is $10,000 but very sad for 14 years in my house. I would not have a clue where I would move to tho. Sad these people selling their home for so little and no way of getting some place else to live with that kind of money. Beside maybe a little reprieave of buying another and then stuck with no extra money period. Some people can't even get what is owed their homes. If I couldn't sell my house and been here 14 years think of those who bought in the last 5 years some of them can't even get was is owed on their homes period they have no other choice of foreclosure if things go bad. And those selling for so little will be in the same boat before long.

Speaking of skyrocketing property taxes I know what you mean they have gone sky high I have had to get help from my daddy to pay mine in the last few years his place is paid for and he is retired now. Thank God his place is paid for and he has a grove not many tree in it right now but he said he did a replanted last year and plans to do more this year tring to get it back up. If anything it will pay his taxes and help out other family members he said. He said with rebuilding his grove he can also get a special farm tax break which will help us all out alittle here and there.

I don't live in Fort Myers I live in Polk County and my dad is in Wachula tho. However I found the subject retains to all of what Floirda is going thu.

[ECBS]

what states are having issues right now? We came from MI. & that state has had problems for awhile now

[DailyJournalist]

Originally Posted by ECBS

what states are having issues right now? We came from MI. & that state has had problems for awhile now

MI is in much better shape than Florida, Florida has lost many more jobs.

[ECBS]

It had been on the news for a long time that MI. seem to be in a one state recession, we had state of the state speeches from our governor saying the same etc. not so long ago.

[Compression]

Originally Posted by ECBS

It had been on the news for a long time that MI. seem to be in a one state recession, we had state of the state speeches from our governor saying the same etc. not so long ago.

You mean Jeff Daniels' TV commercials didnt help MI?

I came to SW FL from the Detroit suburbs almost 18 years ago. I sold real estate there. I still have many friends there, and several of them still sell real estate..(well, lets just say they're still Realtors, dont know how much selling is going on) In talking with them over the past few years, I've concluded(IMHO, of course) that Florida is paralleling MI's decline about one year behind it, as far as the real estate market is concerned. Most of the rest of the country is at various stages in the same decline.

The areas that will fare the best in the next few years(again, MHO)are those that really had nothing much going for them in the first place. In other words it's bad all over, and getting worse, except where it's always been bad anyway, so there it's just business as usual. If I'm looking for opportunity, and I am, there's a corn field in Iowa with my name on it.....(No offense to hard working farmers, or Iowans)

So, welcome to Florida, North Port was a better decision than Lee county(MHO, again, I'm feeling awfully opinionated tonight) Wherever any of us go right now, I think we're just rearranging deck chairs on the Titanic at this point.

[ECBS]

Well said ( rearranging chairs on the Titanic )