South Florida: highest economic growth since 2005
South Florida: highest economic growth since 2005
The South Florida business journal announced today that Florida’s economic growth is projected to be the highest in seven years. “Florida’s economy is projected to grow by 1.7 percent in the next six months.” This projected growth will be the strongest since August of 2005.
The Miami Herald reports that the Federal Reserve Index reveals that, “most states’ economies, including Florida’s, will grow in the next six months.”
The WSJ reports that Home-price forecasts for 2013 are on the rise. J.P. Morgan Chase & Co. expects U.S. home prices to rise 3.4% in its base-case estimate and up 9.7% in its most bullish scenario of economic growth. The net demand for housing this year surpassed 2 million homes for the first time since 2006. This, prompted J.P. Morgan analysts to boost their estimate from 1.5% to 3.4%.
Home price increases could exceed J.P. Morgan’s base forecast if investors seeking yield push deeper into real estate, according to Mr. Sim’s home price report.
There are still some factors that can affect the economony. Tight lending standards can stop a homebuyer from proceeding with a purchase. If taxes rise, the income for the potential buyers can decrease the demand.
However, the expectations for higher home prices is still widespread. “Nearly three-quarters of investors polled by J.P. Morgan expect home prices to rise 5% in 2013.
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sources:
http://blogs.wsj.com/economics/2012/12/14/home-prices-could-jump-9-7-in-2013-j-p-morgan-says/
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