This week there have been articles in CNN Money and Yahoo Finance that really emphasize the turnaround going on in the Orlando market. The most important economic indicator for an improved real estate market is an improved job market. Last month the unemployment rate dropped by a full percentage point here in The City Beautiful. That is because in 2010 Orlando added about 75% of all the new jobs created in the state of Florida. We have seen a drop in the number of foreclosure filings. The number of homes available for sale in down significantly with only about a five month supply of inventory currently on the market.
The article on Yahoo today cited Orlando as number three among cities facing improved economic conditions this coming year. The article in CNN had Orlando ranked second among cities where it is cheaper to own than rent. Rents are also a key indicator of household and job creation. New jobs may not lead to immediate home sales as many of these new employees may be coming out of unemployment. With more stringent financing rules, many will rent for a while to save money to purchase a little later. The good news is that this still is creating a demand for real estate in Orlando. 2010 was the second busiest year we have had in real estate in terms of transactions.
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