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Economist warns national housing market headed for a setback. Why Florida prices may remain high

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Economist warns national housing market headed for a setback. Why Florida prices may remain high


JACKSONVILLE, Fla. – A warning from economists on what the longer term holds for householders and renters.

Actual property costs have been hovering in Florida and throughout the nation, however trade consultants say there’s going to be a reckoning.

News4JAX spoke to a Florida Atlantic College economist who defined why monetary hardships could possibly be on the horizon.

Dwelling gross sales fell for the third month in a row in April, in response to the Nationwide Affiliation of Realtors, as rising mortgage charges and affordability challenges proceed to push would-be house patrons out of the market.

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The nationwide median value of a house is at an all-time excessive, a document $391,200. That’s up almost 15% from final yr.

What’s subsequent gained’t be good for everybody, in response to actual property economist Ken Johnson.

“There’s going to be some repercussions, there’s going to be a reckoning. So that is occurring not solely in Jacksonville however many cities across the nation proper now. However everyone doesn’t have the identical set of circumstances or the identical backdrop that Jacksonville does,” mentioned Johnson.

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Johnson mentioned in states like Florida the place there’s a extreme scarcity of accessible housing, and an inflow of latest individuals, he mentioned the worth of houses will stay excessive, and so will hire.

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Hire in Jacksonville was 20% greater in April in comparison with a yr in the past, in response to a brand new evaluation from Redfin.

In distinction, Johnson mentioned in different metropolitan areas that are seeing a inhabitants lower, householders there may see the worth of their houses decline.

″So that you’re going to see costs decline, considerably in lots of areas like Youngstown, Ohio, Buffalo, New York the place you’re getting that departure of inhabitants. So nobody’s getting out of this unscathed,” Johnson mentioned.

Johnson mentioned the massive variety of out-of-state buyers that bought houses and condo complexes in North Florida is definitely factor for the native economic system. Though these out-of-state buyers are oftentimes paying money, and pricing households out of the market, Johnson mentioned they’re creating stability.

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“I hear this so much the place, , the out-of-state buyers, the institutional buyers, Wall Avenue, they’re ruining the rental market, they’re ruining the housing market. And fairly truthfully, it’s the precise reverse. So what they’re doing is creating effectivity you need people in, you need skilled buyers in your asset class,” Johnson mentioned.

The provision of houses is beginning to enhance barely in response to realtors, transactions are nonetheless progressing rapidly, however not as many houses are being bought sight unseen. However as a result of rates of interest are creeping up greater and better, many households are selecting to remain within the house they dwell in, and never promote in the event that they locked in at document low-interest charges final yr.

Copyright 2022 by WJXT News4JAX – All rights reserved.



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Florida shows it can finish with another second-half closeout and a makeshift dunk contest

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Florida shows it can finish with another second-half closeout and a makeshift dunk contest


GAINESVILLE, Fla. — Florida players eager to celebrate their latest victory, the one that made them bowl eligible for the first time in two years, found a suitable prop on the sideline.

Ole Miss left behind its basketball hoop, which the Rebels use to salute big plays during games.

The Gators set it up, grabbed some footballs and held their own dunk contest near the end zone. It provided an apt stage — perfect for showcasing finishing moves — after they closed out another ranked opponent.

Florida (6-5, 4-4 Southeastern Conference) dominated the second half for the second consecutive week and got to party in the Swamp following a 24-17 victory over then-ninth-ranked Mississippi on Saturday.

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Not only did the Gators knock the Rebels (8-3, 4-3) out of the College Football Playoff picture, they won their fourth consecutive home game and raised expectations for coach Billy Napier’s fourth season in Gainesville.

And the manner in which they accomplished it mattered. Napier has been preaching about “finishing,” something that had mostly eluded the Gators in the past two years.

Florida lost four games in 2023 after leading in the second half, including three — against Arkansas, Missouri and Florida State — in the fourth quarter.

Florida quarterback DJ Lagway (2) and teammates Trikweze Bridges (7), Aidan Mizell (11) and Jadan Baugh (13) celebrate their 24-17 win against Mississippi in an NCAA college football game, Saturday, Nov. 23, 2024, in Gainesville, Fla. Credit: AP/Phelan M. Ebenhack

And no one following the program has forgotten how close the Gators were to upsetting Tennessee and Georgia earlier this season, losing 23-17 to the Volunteers in overtime and fading against the Bulldogs after being tied at 20 with five minutes to play.

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Napier hoped all those gut punches would ultimately lead to something better, and they finally did — with late-game knockouts against LSU and Mississippi.

“Eventually you get sick of that,” receiver Chimere Dike said. “To be able to get these last two wins is huge for our team and our program. I’m proud of the resilience the guys showed, the way that we performed.”

Florida held Ole Miss coach Lane Kiffin’s high-scoring offense to three points in the second half. The Rebels turned the ball over twice — interceptions by Bryce Thornton on the final two drives — punted twice and got stuffed on another fourth-down run.

Florida defensive back Bryce Thornton (18) intercepts a pass on...

Florida defensive back Bryce Thornton (18) intercepts a pass on Mississippi’s final drive during the second half of an NCAA college football game, Saturday, Nov. 23, 2024, in Gainesville, Fla. Credit: AP/Phelan M. Ebenhack

“I thought we were better on both sides up front, and short-yardage defense is a big component,” Napier said. “Those are identity plays. I think we had guys step up and make plays.”

Added defensive tackle Cam Jackson said: “Everybody just pinned their ears back. That was great.”

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It was reminiscent of the previous week against then-No. 21 LSU. Florida held the Tigers to six points in the second half and forced a fumble, a punt and a turnover on downs in a 27-16 victory.

“We just all came together and wanted to change how Florida was looked at,” Thornton said. “That’s the biggest thing with us, just trying to show everybody that we can do it.”

The Gators ended the afternoon showing off their basketball moves.

Cornerback Trikweze Bridges, receiver Marcus Burke, defensive end Justus Boone, tight end Tony Livingston and linebacker Shemar James delivered monster dunks. Aidan Mizell passed a football between his leg in midair before his slam, and fellow receiver Elijhah Badger bounced it off the backboard before rousing teammates and fans with his finish.

“Belief is the most powerful thing in the world,” Napier said. “At some point there, midseason, we figured (that) out and we started to believe. Look, we can play with any team in the country.”

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South Florida 11 p.m. Weather Forecast 11/23/2024

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South Florida 11 p.m. Weather Forecast 11/23/2024


South Florida 11 p.m. Weather Forecast 11/23/2024 – CBS Miami

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CBS News Miami’s NEXT Weather Meteorologist Dave Warren says to expect temperatures to drop late Saturday night with a light wind going into Sunday morning, bringing cool and dry conditions before a warming trend later in the week.

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FAMU football wins fourth straight Florida Classic vs Bethune-Cookman in nail-biter | Takeaways

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FAMU football wins fourth straight Florida Classic vs Bethune-Cookman in nail-biter | Takeaways



FAMU football defeated Bethune-Cookman 41-38 in the Florida Classic at Orlando’s Camping World Stadium. The Rattlers have won four straight Florida Classic over in-state rivals Wildcats.

Florida A&M football still reigns supreme over Bethune-Cookman.

The Rattlers defeated the Wildcats 41-38 before a crowd of 56,453 football fans at Orlando’s Camping World Stadium. It was FAMU’s fourth straight year beating its in-state rivals, Bethune-Cookman.

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FAMU outgained Bethune-Cookman 487-416. The Rattlers erased a 21-17 halftime deficit to claim the victory.

FAMU running back Thad Franklin Jr. starred for the Rattlers, carrying the football 26 times for 195 yards and three touchdowns. Franklin’s performance earned the Florida Classic’s Most Valuable Player Award.

FAMU football Thad Franklin Jr. runs all over Florida Classic rivals Bethune-Cookman

FAMU heavily relied on its rushing attack.

The Rattlers rushed 47 times for 305 yards.

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Behind Franklin’s MVP outing, Kelvin Dean Jr. also was productive on the ground. Dean added 14 carries for 103 yards and a touchdown.

FAMU quarterback Daniel Richardson picked his spots, completing 15 of 21 passes for 182 yards, a touchdown, and an interception. His top target was wide receiver Quan Lee, who had five catches for 81 yards and a touchdown.

FAMU football tested by Bethune-Cookman in Florida Classic

The Rattlers got a run their money with the Wildcats’ rushing attack.

Bethune-Cookman rushed 44 times for 183 yards. Dennis Palmer led the Wildcats with 37 carries for 178 yards.

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Despite that, FAMU had bent but don’t break situations.

For example, FAMU held up Bethune-Cookman in a critical drive after the Rattlers threw an interception with 8:10 left. Nay’Ron Jenkins tackled Bethune-Cookman running back Palmer for a loss to turn the ball over on downs on 4th and 1.

The Rattlers had six tackles for loss and an interception which was caught by Jenkins.

FAMU football’s special teams gives up yardage, touchdown vs Florida Classic rivals Bethune-Cookman

The Rattlers’ special teams unit put the team in compromising situations.

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Bethune-Cookman gained 123 yards on kickoffs on five returns.

Those returns pushed FAMU’s defense back in some situations.

On punts, the Rattlers gave allowed Wildcats punt returner Maleek Huggins to return a 51-yarder in the first quarter.

Gerald Thomas, III is a multi-time award-winning journalist for his coverage of the Florida A&M Rattlers at the Tallahassee Democrat.

Follow his award-winning coverage on RattlerNews.com and contact him via email at GDThomas@Tallahassee.com or on the app formerly known as Twitter @3peatgee.

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