Wachovia report: Florida hit harder by recession - Minneapolis / St. Paul Business Journal:

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Florida went into the recession nine months ahead of the rest of theUnitexd States, and excesses in housing and commercial real estates are considerably worse than the nation as a the report says. Statewide, the median salesd price of existing homes is down aboutf 45 percent from the peak of the housingb boom inNovember 2005, but the drop in the Tampa Bay area is even steeper at about 60 percent. Employment conditions continuedto deteriorate, the report says.
The state’sx unemployment rate is expected to top out around 11 Wachovia projects, with a loss of 720,000 including 430,000 jobs lost this reported 137 layoff events during the firsg quarter, more than double the previous Job losses are heaviest in industriesz with direct ties to the building boom, including construction and manufacturing, Wachovia said. Wachovia estimates Floridianxs saw a net lossof $1.2 trillion in householsd wealth during 2008 with about two-thirds of that drop occurringt in financial assets.