Florida 's Economic Failure : Florida

The mortgage crisis of 2007 marked catastrophe for millions of homeowners who suffered from foreclosure and short sales. Most of the problems involving the foreclosing of families’ homes could boil down to risky borrowing and lending. Lenders were pushed to ensure families would be eligible for a loan, when in previous years the same families would have been deemed too high-risk to obtain any kind of loan. With the increase in high-risk families obtaining loans, there was a huge increase in home buyers and subsequently a rapid increase in home prices. As a result, prices peaked and then began falling just as fast as they rose. Soon after families began to default on their mortgages forcing them either into foreclosure or short sales. Who was to blame for the risky lending and borrowing that caused the mortgage meltdown? Many might blame the company Fannie Mae and Freddie Mac, but in reality the entire system of buying and selling and free market failed home owners and the housing economy.

When many people look at Florida, they tend to think of the hotness of the water as they entered the beaches; as well as the clubs that are right across the street from these beaches. They don't tend to remember the bipolar weather that comes into play as they cross that Georgia to Florida line. Florida although bipolar in its weather patterns, has become a very popular tourist destination and retirement spot for millions of Americans. But, little do they know, Florida is not what it is cracked up to be.

Aside from being a free state Florida has a lot of job opportunities for people who need a job. Either part time job or full time. Also, the prices in Florida are lower than other states because there is no state taxes. Florida is one of the seven states that impose no income tax and it’s the most suitable state for retirees. Another thing is that Florida has a lot of attractions that people can go and visit. For example, there’s Walt Disney world, universal, and more. It also has a lot of beaches. Like, cocoa beach and clear water.

We are going to talk about Florida’s history, economy, energy resources, famous, landmarks, and geography. It is a state with a lot of good people and places. It has a lot of history and beautiful landmarks. We are going to learn about Florida and everything in it.

The housing crisis of the late 2000s rocked the economy and changed the landscape of the real estate business for years to come. Decades of people purchasing houses unfordable houses and properties with lenient loans policies led to a collective housing bubble. When the banking system faltered and the economy wilted, interest rates were raised, mortgages increased, and people lost their jobs amidst the chaos. This all culminated in tens of thousands of American losing their houses to foreclosures and short sales, as they could no longer afford the mortgage payments on their homes. The United States entered a recession and homeownership no longer appeared to be a feasible goal as many questioned whether the country could continue to support a middle-class. Former home owners became renters and in some cases homeless as the American Dream was delayed with no foreseeable return. While the future of the economy looked bleak, conditions gradually improved. American citizens regained their jobs, the United States government bailed out the banking industry, and regulations were put in place to deter such events as the mortgage crash from ever taking place again. The path to homeowner ship has been forever altered, as loans in general are now more difficult to acquire and can be accompanied by a substantial down payment.

Florida is Spanish for “Land of the Flowers”. This state is bordered by the Gulf Of Mexico, Alabama, Georgia, and the Atlantic Ocean. Florida has the longest coastline in the contiguous United States. The climate varies from subtropical in the north and tropical in the south. The coastline is approximately 1,350 miles long. Due to Florida’s location along the coast, it is a main target for severe tropical storms. Homeowners insurance rates are expensive in Florida. This is because the state has been hit the most by hurricanes and tropical storms than any other state in the US. Florida is also a victim of tornadoes. The state average for a home policy is an estimated $1,952.

The government of the people and for the people is only as good as the people voting and people running for those votes. As a nation, elections throughout its history have had controversy tied to them. The SunShine state is an important state for the national elections and for generating issues for the people as a whole. Being a swing state means Florida issues have power nationally, but it also means that the local elections may generate interest from the national government. Winning candidates from the 2016 election show this most notably.

Florida became United States territory in the year of 1821 and it consisted of just two counties known as Escamba to the West and St. Johns to the East divided by the Suwanee River and all other counties were created from those two original counties. Although Florida was United States territory it wasn’t until the year of 1845 that it became the 27th state. Florida currently has a total of 67 counties. The last county was introduced in 1925 which is Gilchrist County which was named after Florida’s governor Albert W. Gilchrist who served from 1909 to 1913. Florida counties are subdivisions of the state government. All of Florida’s counties are incorporated

Vast beaches, amusement parks and resorts are all places that are abundant in Florida. There are numerous interesting things to visit, and numerous neighborhood’s that would suit a family of any kind scattered through the state. The Unique clash of skyscraper cities that are minutes away from the ocean front and year round warm temperatures make this an ideal place for people who are seeking warm weather and a change of scenery. It also makes Florida a very popular place to live, with 365 thousand people moving here a year, around 25 thousand of which move into Marion and the surrounding county 's, this state has a large influx of new residence which has made Florida the 3rd most populated state in America (Business Insider, ppiofmarioncounty.org). The massive influx of new people leads to a near constant expansion of cities and towns that are filled to the max, making the amount of natural forest in Florida shrink daily. The Florida Department of Environmental Protection’s report, History of Florida 's Conservation Lands, states:

In the lead up to the current recession, when the real estate market began to fall, there were so many investors shorting stocks and securitized mortgage packages that were already falling, that the market simply fell further. There were no buyers at the bottom, and the professional investors made millions off of the losses of others. Beyond this, there was no real federal regulation for securitized mortgages, since there was no real way to gauge the mathematical risk of any given package. This allowed the investors to take advantage of the system and to short loans on real people’s homes. Once these securities were worthless, many of the homebuyer’s defaulted on their mortgages and were left penniless. No matter from which angle this crisis is looked at, the blame rests squarely with the managers who began the entire cycle, the ones who pursued the securitization of mortgages. Their incompetence not only led to the losses of Americans who have never invested in the stock market, but to losses for their shareholders.

Many people lost their homes and other assets due to foreclosure and lack of payments on their loans when the stock market crashed and housing industry fell. Immigrants where a large percentage of those who became victims to the crisis, because many lenders were making it very easy for illegal immigrants to obtain loans and mortgages by not requiring them to provide much documentation. It was found that the loan sharks that participated in fraudulent loaning, manifested and approved false employment and income documentation for the unauthorized borrowers; most were the illegal immigrants from

Brooklyn, NY – December 30, 2009 Foreclosures continue to rise drastically across the United States due to the recession, and have effected, and continue to affect thousands of families and individuals every day. One aspect we must take into consideration is that most people are not informed of what foreclosure means, or the process, even those who are homeowners. I believe that one step to preventing foreclosure is to educate first-time homebuyers. In addition, first-time homebuyer programs should not only assist potential buyers with financially preparing them to buy a home, but to keep the home once

According to the Appraisal Institute, more than half of all United States appraises are between the ages of 51 and 65. Many of those appraises will be looking to retire soon making room for new entrants into the field. The number of real estate appraisers has been steadily decreasing since 2006. Due to age attrition and the lack of newly certified appraisers, the total number of appraisers could decrease by as much as 35% over the next 10 years. The Appraisal Institute believes that the attrition rate of appraisers and the currently low number of new entrants will create a lot of future employment opportunities. This is an optimistic view and the reasons behind the lack of new appraisers is being overlooked. A number of different obstacles

With all of the incentives and mortgage products given so easily to people that couldn’t afford the high prices (including interest rates), many people defaulted on their first mortgages because they were no longer were able to receive the profit from the homes they first intended to flip. “During the first quarter of 2008, nearly 9% of all mortgage holders were delinquent or in foreclosure, the highest rate since recordkeeping began in 1979. Foreclosure filings more than

Due to such events as the subprime mortgage crisis, the auto market and Wall Street’s failure, the United States suffered a severe economic blow. Looking at the situation from an economic view, supply is supposed to equal demand. Due to the mortgage crisis and the careless attempts of some to make money, there is a superfluous amount of empty homes throughout the United States. In the subprime mortgage crisis, the nature of the failure was the inability to account for money given to individuals, who lack the appropriate requirements. In order to obtain a loan, collateral is needed. References were not being checked and poor credit history went ignored. People were obtaining loans and not paying attention to the interests rates associated. “This time around, the slack standards allowed millions of high-risk borrowers to get easy home mortgages. When this so-called subprime market collapsed beginning about a year ago, ordinary working people bore the brunt” (Gallagher, 2008). Companies were so anxious to place people in homes, that it cost them billions of dollars and