Housing and commercial real estate have been a very important part of the economy in the Southeast and Florida. Banks are financing all of the development. |
The industry has performed very well. We've seen record levels of profitability. |
The rapid pace of appreciation and other negatives has made housing become very unaffordable. About one-third of home buyers can afford the median price of a house using the traditional down payment of 20 percent down. |
This lending has been lucrative to banks here. The housing market has been vibrant. |
This may start to pinch some consumers' wallets. |
While Florida has been an incredible job engine, wage and income growth has been relatively soft. |