Coral Gables Environment, Politics and Government
August 11, 2010 Leave a comment
A very respected economist calls for more stimulus.
There’s more than a 50% chance the economy is heading for a double-dip recession. And noted economist and author Robert Shiller tells MarketWatch News Break that the Federal Reserve may now lack the power to end the gloom and doom. Shiller now wants Washington to pass a new job-creating stimulus package.
via Shiller sees significant likelihood of double-dip MarketWatch News Break – MarketWatch.
August 11, 2010 Leave a comment
This is temporary due to the tax breaks. Prices should head down again–including Coral Gables.
Home prices rose in nearly two-thirds of U.S. cities this spring as buyers took advantage of tax incentives that gave the struggling housing market a temporary jolt.
via Median home prices up in 2Q in most US cities – Business Breaking News – MiamiHerald.com.
August 11, 2010 Leave a comment
Nothing much too add here.
Fed officials significantly downgraded their economic outlook, saying the “pace of recovery in output and employment has slowed in recent months” and was likely to be “more modest” than anticipated in the near term.
via FT.com / US / Economy & Fed – Fed downgrades recovery outlook.
August 10, 2010 1 Comment
It is difficult to imagine that this year’s fall in property values in Coral Gables won’t be repeat again next year. Can the city keep raising property taxes willy-nilly?
The Miami-Fort Lauderdale metropolitan area continues to struggle under the weight of the housing crisis, with home values falling 15.2 percent, year-over-year, and 6.6 percent, quarter-over-quarter, according to the latest Zillow Home Value Index.
The report found home prices in the Miami-Fort Lauderdale area lost more than half their value (52.4 percent) since the peak of the housing market, falling to $146,500.
Nationwied (sec), home values fell 3.2 percent, year-over-year, and 0.6 percent, quarter-over-quarter, to $182,500.
Negative equity – which refers to the percentage of single-family homeowners with mortgages that are underwater – fell 3.2 percent, year-over year, to 21.5 percent nationwide. In the Miami-Fort Lauderdale area, 44 percent of homes were underwater in the second quarter. [emphasis added]
via S. Fla. home values remain depressed – South Florida Business Journal.
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