Florida Finds Firm Footing in Financial Recovery

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A new analysis of housing-industry activity in and around Waterfront Properties and Club Communities' South Florida territory shows promising gains.

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The Sunshine State’s five-year consumer-confidence high trumps the nation’s, which came in nine points higher than August – the best score in seven months – according to the Commerce Department.

Waterfront Properties and Club Communities welcomed the news this week that Palm Beach County powered through another month of real-estate gains with a 5-percent increase in the median price of a single-family home.

The latest report by Standard & Poor’s shows Palm Beach, Broward and Miami-Dade counties are rebounding at a rate not seen since 2009. The Case-Shiller price index also found all of the 20 regions it analyzes experienced notable increases in month-over-month existing-home prices in July, the latest month for which figures are available. The index compared July to June of 2012, as well as to July of 2011.

Of those 20 regions, which encompass Atlanta, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, New York, Phoenix, Portland, San Diego, San Francisco, Seattle, Tampa and Washington, D.C., prices jumped year-over-year in 16 of them.

David Blitzer, who chairs the committee that compiles the index, said the Miami area is in such good shape that it’s giving economists the most positive outlook to date on the state of the economy. The upbeat trend reverberated throughout Waterfront Properties’ headquarters in Jupiter, as well as with agents who list North Palm Beach real estate for sale and riverfront property in Stuart.

The S&P report could not have come at a better time for Palm Beach County. Data shows consumer confidence in Florida is at a five-year high. University of Florida researchers posed a survey in September and asked respondents whether they are more positive, less positive or about the same with regard to their personal finances.

The Sunshine State’s five-year consumer-confidence high trumps the nation’s, which came in nine points higher than August – the best score in seven months – according to the Commerce Department.

The Commerce Department also reported incomes are trending upward, albeit slowly. Nationwide, individual salaries increased 1 percent in the second quarter, compared to the first quarter, and statewide, the increase is 1.2 percent.

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Rob Thomson
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