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Updated: 9:57 PM Oct 1, 2008
Florida Consumer Confidence Rises
Floridians have apparently not been paying much attention to the woes on Wall Street and controversy in Congress. Posted: 3:03 PM Sep 30, 2008 |
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Floridians have apparently not been paying much attention to the woes on Wall Street and controversy in Congress.
Consumer confidence in Florida rose three points this month from its reading in August in a survey taken after the bailout talk began but before the measure failed in the house Monday.
University of Florida researchers tracked a record-low for the index back in June but consumer confidence has recovered by nearly twenty percent since then.
Chris McCarty, O of F Researcher, says while Floridians may be keeping and eye on the crisis on Wall Street they've already learned to live with some economic adversity.
"Most of the things that are affecting consumers have already happened. Gas prices are still an issue, people who are trying to buy a home and having trouble getting a loan, that's been going on for quite some time. So actually this bailout is a response to that."
McCarty says some signs of stability in the Florida housing market may have boosted consumer moods this month. Housing prices may not come back soon.
But researchers say the bailout, if it happens, may help bring some relief to mortgage lenders and let homeowners know the real value of their mortgage and their home.
"That's part ownership of a house and of land and that house and land has some value. It’s just that we don't know what that is, so until we get the markets working again, until we get people back buying homes, we won't know what the values are. And once we do, things will actually improve."
Latest Comments
As a lifelong resident of Florida and having lived through the early 80's boom in which 1000's of people a month were moving to Florida, I can tell you that we have nobody to blame but ourselves. I tire of hearing our candidates for office telling the American public that Wall Street and Washington are to blame for the state of the economy. Certainly, both of those share some blame for this current problem, but few realize or want to admit, that nobody is forced at gun-point to sign loan papers. Now Washington lawmakers must step in and pass legislation to protect the average consumer from his own greed or ignorance. How soon people forget that in our recent past, this same thing occurred. How many have forgot the Savings & Loan fallout of the 80's in which banks failed because of unsecured loans. Now Washington is being called upon to "save us." You cannot legislate common sense but a few years of belt tightening and doing without can.
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