Florida recovery still has a way to go

Florida's recovery still has a way to go, according to one new report from the University of Central Florida.

The Sunshine State was hit hardest out of all the US by the financial crisis, but the state since then has enjoyed rapid growth in the past two years. Last year, though, cash sales began to decline, as overseas investment slowed in the wake of moderating prices.

Nonetheless, with median home prices rising from $122,200 to $177,000, the market still has some way to go before it reaches the previously recorded market peak, says the UCF.

"It will take many more years to recover all the wealth that was lost when the housing market collapsed and housing prices plummeted from their median price high of $257,800."

The report adds that as more time passes and more data is analysed, the state's economic turnaround "is looking more like a miracle".

For a full summary of the report, visit OPP Connect.