Report: Floridians Hit Hard by Recession; Lost $1.2 Trillion in Household Wealth

Categories: Recessionomics
recession.jpg
via Josie B's flickr
It's hard to illustrate these type stories, but this seems appropriately depressing. It's more of a mood pic. 
Well, your bank account may already know this, but a new Wachovia report says that Florida was hit the hardest by the recession. 

Here's your depressing factoids: 
  • Florida went into recession nine months ahead of the rest of the country.
  • Excess real estate is more abundant then the rest of the country, duh. 
  • The Unemployment rate in Florida is expted to reach 11%, a total loss of 720,000 jobs. 
  • Net household wealth dropped by $1.2 trillion, with 2/3 of that coming from financial assets. 
Basically, all this means our road to recovery is going to be a lot longer, and a lot bumpier than the rest of the country. If ever there was a time to move, it's probably now. 



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