FLORIDA REAL ESTATE NEWS - JANUARY 2006
Florida Ranks 3rd on INC. 500's Fastest Growing Companies
The latest ranking of states producing the fastest growing companies listed Florida as third on Inc. magazines November issue. California was first and Virginia second. To be eligible for the Inc. 500, companies have to be U.S.-based, independent and privately held through fiscal year 2004, and have at least $500,000 in net sales for 2001. Companies are ranked on three-year sales growth from 2001 to 2004.
Tri-County Home Values Continue Record Increases For November
Even as some so called “experts” were predicting dropping home values, South Florida continued a sharp increase in prices headed by Miami-Dade’s 31 percent increase to $381,600,compared with November 2004. The median price in Broward rose 29 percent to $391,100, while Palm Beach County’s median jumped 23 percent to $421,500. A better balance between demand and supply will create a continuing solid real estate market for 2006. By way of comparison, the national median sales price for used single-family homes was $216,200, up 16.6 percent over last year.
The Housing Bubble
Doesn't Exist
A study by university economists and the Federal Reserve System concluded that worry over the much discussed U.S. housing bubble is unwarranted, emphasizing that homeownership costs are average, based on historical standards. A senior economist at the New York Fed and professors from Columbia University and the University of Pennsylvania’s Wharton School led the study. They said that low mortgage interest rates and strong demand for housing in established cities that should entice new residents will likely ensure that home values continue to rise on a long-term basis.
Florida Announces Statewide Program To Fill 14,000 Construction Job Vacancies
Florida has started a $6,000,000 program to train construction workers after a statewide survey revealed nearly 14,000 job vacancies in the construction industry, Lt. Gov. Toni Jennings announced. The new Florida Rebuilds program also aims to boost the workforce to help restore damaged businesses and convince expanding or new businesses that their new construction deadlines can be met. Florida already leads the nation in the creation of new jobs and the states’ support will only help Florida’s status in that regard.
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