Although we've got a long way, if ever, before the economy gets to ship shape, news like this is reassuring. Foreclosure sales of real estate in Tampa, St. Petersburg, and Clearwater have decreased 19 percent compared to last year during the first quarter ending on March 31.
The numbers: 3,736 foreclosed homes sold during this year's first quarter compared to the 4,610 during the first quarter of 2011. The average price of a foreclosed home was $93,845 during this year's quarter compared to $95,004 last year.
So, real estate is getting cheaper and foreclosures are becoming fewer, a beacon of hope in the massively complex equation of economic recovery in this country. In contrast, though, the number of new unemployment claims across the country unexpectedly increased by about 10,000 last week, indicating a grim forecast for job layoff numbers in the month of May. The government also announced that the national Gross Domestic Product for the first quarter grew slower than they expected.
They revised the GDP to an annualized rate of 1.9% from the 2.2% pace that was estimated a month ago. This reflects a smaller increase in consumer spending and inventory creation than originally expected. On a bright note, business investments were reconfigured slightly higher.
So, good news, bad news, and more good news regarding the unescapable game of the U.S. economy and our recovery since the financial collapse of 2008. We'll take what we can get. Here's to quick and upward growth, both locally and nationally, in the future.
