As Good as it Got

For more than two years, Southwest Florida’s economic woes have been presaging and mimicking the financial maelstrom that swirled away consumer confidence and trillions of dollars at the national level.

The struggling economy, plummeting home values and the credit crunch have led to record foreclosure rates in our region. The market freefall uncovered missteps taken at its height such as loans to unqualified borrowers nationally, and fraudulent deals that put high-profile figures in the spotlight locally.

On a more promising note, sales volumes, if not prices, have risen this year, and foreclosures have sparked their own sub-industry. Enterprising real estate agents offer "foreclosure tours" to prospective buyers looking for houses at bargain prices, and some investors have successfully capitalized on the falling market.

And housing in Southwest Florida is again affordable—a dramatic change from just three years ago, when high prices proved an enormous obstacle to newcomers and employers’ recruiting efforts.

Tightened spending has led companies to reduce staff and, in some cases, close or file for bankruptcy, and many workers, especially in construction-related jobs, have moved out of the region. And as jobless rates rise nationally, people are traveling less and local tourism has dropped.

Higher education institutions are seeing higher enrollment figures, and in spite of state budget cuts, Florida Gulf Coast University and Edison State College chalked up several major milestones.

And despite the rough economy, some national retailers made moves in the market, including Nordstrom, which opened its much-anticipated, first-ever Southwest Florida location.

For many, 2008 will be remembered as a year with few winners and far too many losers, a year full of struggles and uncertainty. All eyes are on Wall Street, Washington and the White House to see if the bailouts and other measures there will right the listing economy.