By Fred Seely
Editorial Director
The Bank of America’s top economist may have moved from North Florida to St. Louis, but she’s still a big booster of this area’s future.
Lynn Reaser visited earlier this month to speak to area Realtors and said North Florida’s prospects for 2004 are strong, and might even challenge the record 2003 sales.
“Everything seems to be in line for a good year,” said Reaser to approximately 100 agents and bank mortgage staffers at the Deerwood Country Club luncheon. “This area was a late comer to the downturn and has made a sharp rebound. 9/11 is a long way in the past.”
Reaser predicted that mortgage rates wouldn’t rise until at least the third quarter “and then not by much,” she said. “A little increase might help you (agents.) It might get people off the fence, thinking that rates would go up again.”
She listed the area’s strong points:
• The spillover from national and state growth.
• Continued corporate relocations.
• The cost advantage of living here, particularly in the areas of energy, rent, taxes and housing costs.
• The continued population gains.
• The pull of the coming Super Bowl.
But, she warned, there are “risk” areas of concern:
• The “offshoring” of call centers, although she added that “this may have been blown a bit out of proportion by the media.”
• The state’s fiscal position.
• Companies cautious about hiring.
• Any rise in mortgage rates.
• The sharp drop in refinancing.
Reaser was bullish on global and national financial markets and said that Latin America - “Florida’s main trading partner” - has shown a marked turnaround in the last year.
“A concern would be the growth in jobs,” she said. “It has been below what was predicted, and this can cause a lot of caution in the marketplace.”
• The state’s fiscal position.
• Companies cautious about hiring.
• Any rise in mortgage rates.
• The sharp drop in refinancing.
Reaser was bullish on global and national financial markets and said that Latin America - “Florida’s main trading partner” - has shown a marked turnaround in the last year.
“A concern would be the growth in jobs,” she said. “It has been below what was predicted, and this can cause a lot of caution in the marketplace.”