This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Why Battleground-State Housing Might Help Romney

Florida (29 electoral votes)

The sun has begun to shine on the Sunshine State's housing market again after a very long night of tumbling home prices and massive foreclosure volumes.

"Everywhere I go, brokers are smiling again," says Summer Greene, president of the Florida Realtors association. "Things began to change around the first quarter, became more consistent in the second quarter -- and by the third quarter it was like: 'Wow, this must be real.'"

Median Florida house prices bottomed out at $121,900 in February 2011 after tumbling 45.6% from their June 2006 peak.

Prices have since risen 20.6% to hit $147,000 as of August, the latest month with data available.

The number of homes changing hands also rose by 10.8% over the past year to reach 18,669 in August, while the supply of unsold houses tumbled 32.3%, to 99,677.

Greene attributes much of the rebound to a combination of cash buyers and foreign purchasers snapping up properties that fell into foreclosure or went unsold during the bust.

"I wish we had more foreclosures on the market, because the market can absorb more product," she says. "Inventory is non-existent."

Still, Greene doesn't think the improved housing picture will help either Obama or Romney much, as she believes many Floridians are simply sick of politics.

"I think people in Florida are fatigued over Washington and don't care which party gets in as long as everybody stops fighting and gets along," Greene says.

2 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $124.75 0.00%
FB $80.78 0.00%
GOOG $524.05 0.00%
TSLA $206.79 0.00%
YHOO $44.45 0.00%

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs