Government Shutdown Hurts Florida Real Estate Market
Tuesday, October 15, 2013
By: Amy Kiley
FloridaRealtorsLogo
October 15, 2013 | WMFE -- Florida's housing market could be one of the hardest hit amid the federal government shutdown since Florida relies on real estate more than almost any other state.
[Florida Realtors logo, floridarealtors.org]
Analysis from the business
information website WalletHub indicates only in Hawaii is real estate a larger
percentage of the gross state product.
The partial shutdown of the
federal government is creating staffing shortages at the Federal Housing Administration
and other agencies. Florida Realtors Senior
Vice President of Public Policy John Sebree says slow paperwork processing
means slow home sales. “If you’re a
first-time homebuyer, you might need the Federal Housing Administration to get
your first loan,” he says. “You’ve been
planning for this forever and ever. You
didn’t know the government was going to shut down, and then now your closing is
put off.”
Sebree points out that the Florida
housing market is only slowly recovering after the 2007 crash. He, like other analysts, worries the
government shutdown could threaten that already tenuous growth.
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