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Florida Growth Runs Out of Gas

Long-time fastest-growing state hits the brakes

By Kevin Spak,  Newser Staff

Posted Sep 29, 2007 9:41 PM CDT

(Newser) – Americans’ 80-year love affair with Florida is on the rocks, says the Wall Street Journal. With housing prices up 64% compared with five years ago and property taxes skyrocketing, the magnetic effect of the long-time fastest-growing state is weakening. “I thought it would be like a vacation," said one transplant. "It turned out to be a hurricane.”

Other southern states are furiously courting retirees, whose savings and social security checks drive Florida’s economy. “Now it's more of an open playing field,” said one housing executive. Some economists believe this downturn is temporary, but that home prices will have to fall for Florida to rebound.

This conceptual rendering shows a wide variety of housing, from bungalow-style cottages to condominiums, town homes and single-family homes along Huckelberry Creek near Panama City, Florida. (Photo
This conceptual rendering shows a wide variety of housing, from bungalow-style cottages to condominiums, town homes and single-family homes along Huckelberry Creek near Panama City, Florida. (Photo   (Associated Press)
New homes stand on the rolling, forest-covered hills south of Salem, Ore., Friday, July 6, 2007.  As the housing market slump continues to hammer Wall Street hedge funds, and demand for real estate nose-dives from Florida to California, some smaller metropolitan pockets across the West have escaped the downturn, and...
New homes stand on the rolling, forest-covered hills south of Salem, Ore., Friday, July 6, 2007. As the housing market slump continues to hammer Wall Street hedge funds, and demand for real estate nose-dives...   (Associated Press)
TRAVEL WLT-EXUMAS 2 MI
TRAVEL WLT-EXUMAS 2 MI   (KRT Photos)
  (KRT Photos)
Wyndham Palms is a short-term rental community created by Pulte Homes in Osceola County, Florida. The development features a large pool and clubhouse, a 57-seat theatre, a convenience store and a fitn
Wyndham Palms is a short-term rental community created by Pulte Homes in Osceola County, Florida. The development features a large pool and clubhouse, a 57-seat theatre, a convenience store and a fitn   (KRT Photos)
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