The housing market in Florida might be just the medicine it needs to bring back Consumer confidence.
Just recently a University of Florida survey showed the Consumer confidence index climbed three points in August after a steady decline.
While the economic environment is by no means bright, the drop in July seemed unsustainable given the lack of any very bad economic news and some encouraging signs in Miami real estate and the stock market.
Even though we are not yet out of a recession, things are not nearly as bad as they were a year ago.
Assessment of personal finances remained unaffected but confidence in the overall U.S. economic climate over the next five years leaped increased quite a bit.
Still, many consumers are not convinced that now is the time to buy so-called big-ticket items, with confidence there falling five points.
According to the Florida Association of Realtors, Miami real estate is bringing a long awaited positive change with existing home sales rising both nationally and in Florida.
There is some hope:
According to Chris McCarty, survey director of UF’s Bureau of Economic and Business Research, the country will move into recovery over the next year, Miami real estate, construction spending and tourism will certainly stabilize.
Contributed by MLR Realty
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