Housing market is buoyant, despite
threat of hurricanes
The effects of a weather event are typically
short -lived, and sales numbers usually don’t
take long to normalize, said Walt moony of the
national association of Realtors.The devastation
from hurricanes that swept across Florida in
the past several weeks will not likely tear
apart the fast-moving real estate market, if
history is any Indication.
Hurricanes charley and francs which each caused
billions of dollars in damages, could disrupt
the local housing markets in the areas affected
by the storms but the Effects from a weather
event are typically don't take long to rebound
and normal size, said Walt moony, a spokes man
for the National Association of Realtors "The
only thing we can safely say about storm impact
is it can delay transactions on a localized
basis. In terms of annual state sales, there
is no discernible Impact,"Molony said.”On
a monthly basis we’ve previously been
able to detect adverse weather impact in U.S.census
region in exiting -home sales (such as a majorWinter
storm), but see a catch -up the following month”
on a quarterly basis the sales data tends to
"smooth out,” he added.Hurricane
Andrew which was one of the most costly hurricanes
on record, caused about $25 billion in damages
in Florida alone when it strict in august 1992.
The Storm amounted to the largest insured loss
in the country prior to the sept.11, 2001,terrorist
attacks.Despite the wrath of hurricane Andrew,
existing-home sales actually picked up in Florida
in 1992 and 1993,rising 6.7 percent from 1991-92
and 20.6 percent From1992-93 according data.
Florida housing starts also improved in 1992
and 1993, rising 7.6 percent from 1992-93 Also,
the U.S.Census bureau reported that the number
of building permits issued in Florida grew in
1992-1994.And building-permits issued in Florida
grew in 1992-94. And building-permit activity
has surged since 2002 - from a total of 185,431
privately owned housing units authorized in
2003.The destruction of past hurricanes of past
hurricanes and the threat of future hurricanes
and the threat of future hurricanes haven't
produced much of a hiccup in Florida Real estate.
From April 2000 to July 2003, Florida added
about 485,000 housing units -the second-highest
total in the nation during that period-Texas
first with about 500,000 New homes.Ten countries
in Florida were among the top100 Fastest-growing
U.S.census data, and point St.lucie and Cape
Coral were among the top 10 fastest-growing
cities in The nation.
Over the past five years, home prices have
risen about 83.4 percent, have risen about 83.4
percent, to a state wide median sales price
of $186,700.In July, existing Single-family
home sales jumped 15 percent above the previous
years mark, to 23,554 homes prices have risen
about 83.4 percent, to a state wide median sales
price Of $186,700.In July, existing single-family
home sales price of $186,700.In July, existing
single-family home sales jumped 15 percent above
the previous years mark, To 23,554 homes sold.
Existing-home sales were up 28 percent in the
second quarter of this year compared with the
second quarter of 2003,while the median Sales
price jumped 18 percent in that time.
This population and housing boom, though, can
be costly when major natural disasters strike:
hurricane charley caused close to $7 billions
in insured property Losses, according to some
estimates, while hurricane francs may have caused
about $3billion to $6 billion in losses. And
meteorologists are watching closely as a third
Hurricane, hurricane Ivan, pushes through the
Caribbean.
These huge loss estimates are not an indication
that hurricanes Is anymore powerful one than
they were in past years said? Chris Lance a
research meteorologists for the National OceanicAnd
atmospheric administration."The Large increases
(in damages) we see in the last couple of Decades
are mainly due to hurricanes just like had in
the Past, hitting coastlines that are very different
to day than they Were 50 years ago,"Landsea
said? There is a "huge Relationship,’
he said, between the damage caused by hurricanesAnd
the surge in coastal population and Coastal
Housing in Florida.
"It is not due to hurricanes being any
different," he said. The Population in
Southeast Florida increased about 600 percent
Since 1950,Landsea said, and individual wealth
is also beenUpswing. This sets the stage for
more extensive damage during Major storms. Florida
has been remarkably lucky to escape some of
The deadly storms spawned during a period of
increased Hurricane activity that started around
1995, he added."
What I’ll be surprised about is not what
has happened this year. I'm Surprised that Florida
has gotten off scot-free for the last eight
Year’s .Now the luck has changed. Florida
is prime target."Over the past few weeks,
Land Sea has participated in several Flights
abroad a research plane that travels near hurricane
to Collect data that can help to predict the
path of storms.
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