Report: Florida Still Grappling With Income Levels, Foreclosures

August 27, 2013

While Gov. Rick Scott travels the state touting job growth and an unemployment rate below the national average, a report released last week by state analysts points to some continuing economic problems such as a lack of income growth and persistent home foreclosures.

Florida had a 1.5 percent decline in personal income during the first quarter of 2013, when compared to the last quarter of 2012. The report, posted online by the Legislature’s Office of Economic and Demographic Research, said housing is “generally improving” but that Florida had the highest foreclosure rate in the country in July 2013.

Also, the report noted that while the state’s unemployment rate dropped from 9.4 percent in December 2011 to 7.1 percent in July 2013, a large part of that drop — 47.8 percent — stemmed from people dropping out of the labor force or delaying entry to the labor force.

“The job market will take a long time to recover — about 515,000 jobs have been lost since the most recent peak,” the report said. “Rehiring, while necessary, will not be enough.”

Comments

5 Responses to “Report: Florida Still Grappling With Income Levels, Foreclosures”

  1. David Huie Green on August 29th, 2013 9:37 pm

    COGITATING UPON:
    “the banks are letting the foreclosures sit and rot and ask the state to help them but never try and get families back into them to keep them up and pay the state taxes.”

    You REALLY think banks are in business to NOT make money?

    I suspect they would love to sell every last one of them. If people aren’t paying at all, letting them slide would convince those who are honest and do pay that there is no reason to pay. That should yield even less income.

    It’s somewhat like saying, if you let thieves steal some of your property, that’s better than taking them to court and trying to get it back because court is so expensive and besides those thieves NEED what they stole. The sad thing is that there are people who actually DO say that, along with the ones who think it’s okay to steal from banks.

    Some of these foreclosures are on properties people bought expecting to sell for a profit, and then the market took a nosedive.

    David for honest people

  2. Jane on August 29th, 2013 5:17 am

    I think dgh has it right. Most of the jobs are low paying jobs that don’t really generate growth simply because there is no discretionary income. It also means the state collects less tax money, and has to either cut costs or raise taxes.

  3. Mark T on August 27th, 2013 8:07 pm

    The American Dream in the 21st Century is just that for the regular folk, A DREAM..

  4. Charles Landschoot on August 27th, 2013 1:49 pm

    Gov. Scott,
    Foreclosures can end it you would get the banks to start running like theywant to make money. Have the famliy send in what they can afford, if the mortage is $1000 send in $200 at least they are getting money. Have companies go to lower pay at least until things are better.
    And the state is loosing millions of dollars in taxes because the banks are letting the foreclosures sit and rot and ask the state to help them but never try and get families back into them to keep them up and pay the state taxes. How about stop giving the banks yours and ours tax money to waste.
    Thank you

  5. dgh on August 27th, 2013 8:02 am

    Here is something to consider; I think it was 2010 that the top 5% income earners took in 95% of all new wealth generated that year; a trend that will not be so large as economy improves but a trend expected to continue. When you factor in the low paying service jobs that a lot of people are turning to get employed, even though the pay is insufficient, it is troubling.

Written by William Reynolds · Filed Under News