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Florida Living, Mortgage, and Real Estate Facts
By Sharon Secor Direct Lending Solutions Staff Writer
Florida has long been ranked among the most desirable places to live on the North American continent. Populated for thousands of years by a wide variety of indigenous peoples before European settlement, this state has a rich history and culture, reflecting the diversity of its inhabitants over the centuries. Florida was named by Spanish conquistador Juan Ponce de León in 1513, and became home to the first European settlement in the continental United States with the establishment of Spanish Pensacola in 1559. The area then became home to a variety of Spanish, French, and English colonies, each of these countries struggling amongst one another for control of the area until 1819 when it was ceded to the United States by the Spanish. Today, Florida is home to approximately 18 million people, the fourth most populous state in the US. The sub-tropical climate and natural beauty of its beaches and landscapes has made tourism the largest sector of the Florida economy, with approximately 60 million visitors every year to its world famous resorts, amusement parks, golf courses, and other varied attractions. The second largest Florida industry is agriculture, with this state producing most of the citrus fruit grown in the US. Florida has become a prime destination for those seeking an escape from harsh winter weather, drawing an abundance of migrants, both seasonal and year round residents, from the northern states. This influx of new residents, combined with a high rate of job growth and a relatively low cost of living, has helped Florida become the third fastest growing state in the nation. Those considering the purchase of a new Florida home will find an abundant inventory available for sale in the state, combined with an existing single family home median price that has fallen slightly from $243,500 last year to $237,000, according to May 2007 housing statistics, a change of approximately 3 percent. The statewide median price for condominiums is reported at $210,800. Results reported by the first quarter 2007 survey done by the University of Florida’s Bergstrom Center for Real Estate Studies show that existing home prices are keeping an even pace with inflation, a condition that is considered an indication of a stable market. Mortgage rates continue to be low, with interest on a 30-year fixed rate mortgage dropping from an average of 6.24 percent in 2006 to one of 6.22 percent in the first quarter of 2007. These facts and figures combine to make the real estate market quite favorable to the buyer in many areas of the state, certainly good news for those who dream of escaping the frigid winter weather of the north to enjoy all that the Sunshine State has to offer. If you are ready to begin looking for a new Florida home, please see this article for more helpful information. Useful Resources:
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