As Goes Florida…
Miami Condo Glut Pushes Florida’s Economy to Brink of Recession
“Florida is the epicenter for all the problems that exist in the housing industry,” said Lewis Goodkin, president of Goodkin Consulting Corp. and a property adviser in Miami for the past 30 years, who also foresees a recession. “The problems we have now are unprecedented and a lot of people will get burnt.”
and
Florida’s robust economy of 2001 to 2005 was driven by the thousands of well-paying jobs related to the real estate market and homeowners who used home-equity loans to pay for items such as boats and big-screen TVs, McCabe said.
“All those jobs are going away now, and we’re seeing the trickle-down effect in declining sales in big-box retailers and home-furnishing manufacturers,” McCabe said. “Florida is headed to a recession.”
Comments
Leave a Reply
You must be logged in to post a comment.
-
About The Unforeseen
The Unforeseen, executive produced by Terrence Malick and Robert Redford, premiered at the 2007 Sundance Film Festival. Called "the best film at the festival, hands down" by Film Comment's Gavin Smith, the film documents the struggles between development and preservation of Austin Texas.