Industries that Don’t Recover Affect Coral Gables and Florida

September 10, 2010 Leave a comment

There are some messages in this article that are relevant to Coral Gables and South Florida.  Some of the key industries that will not recover in the foreseeable future include: state and local government; construction;  installation, maintenance and repair; newspapers; realtors; bank tellers; airline employees; big telecom; pharmaceuticals; and automotive manufactures.

It has become clear that jobs in some industries may never come back or if they do it will take years or decades for a recovery. 24/7 Wall St. examined the Bureau of Labor Statistics’ “Employment Situation Summary” and a number of sources that show layoffs by company and sector. The weakness in these sectors will make it harder for the private industry, even aided by the government, to bring down total unemployment  from 9.6% and replace the 8.3 million jobs lost during the recession. The losses in these industries have to be offset by growth in others before there can be any net increase in American employment.

via The Ten American Industries Which Will Never Recover – 24/7 Wall St..

Filed under Coral Gables, Economy, Florida, Housing, National

Florida’s High-Speed Answer to a Foreclosure Mess – NYTimes.com

September 5, 2010 1 Comment

Do not fail to read this, an article about how the Florida legal system handles foreclosures, is dominated by lawyers and big financial interests, and fails to take into account the apparent victims of the system.

Florida’s High-Speed Answer to a Foreclosure Mess

via Florida’s High-Speed Answer to a Foreclosure Mess – NYTimes.com.

Filed under Economy, Florida, Housing

Back to the Start of the Bubble?

September 1, 2010 Leave a comment

Don’t get you hopes up with housing prices up slightly during the last year.  If at all, housing will bump along the bottom for a long time.

The [Case-Shiller] index, which tracks repeat sales of existing homes and does not include condos, showed average home prices across the United States are back to the levels they were at in autumn 2003.

via South Florida home prices up 0.4 percent – Real Estate News – MiamiHerald.com.

Filed under Florida, Housing

Higher Property Taxes in a Housing Recession

August 24, 2010 Leave a comment

This is not a good formula for Coral Gables’ taxpayers.  We need help from the City of Coral Gables.

Higher property taxes will drive housing prices even lower because buyers will be scared off by this city’s taxes and fees.

“Home sales were eye-wateringly weak in July,” said economist Paul Dales of Capital Economics. “It is becoming abundantly clear that the housing market is undermining the already faltering wider economic recovery. With an increasingly inevitable double-dip in housing prices yet to come, things could get a lot worse.”

via Double-dip in housing prices may be around the corner – Aug. 24, 2010.

Filed under Government, Housing, Property Values

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