Wachovia report: Florida hit harder by recession - Tampa Bay Business Journal:

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Florida went into the recession nine monthe ahead of the rest of theUnitexd States, and excesses in housing and commerciap real estate are considerably worse than the natio n as a whole, the report Statewide, the median salesx price of existing homes is down aboutg 45 percent from the peak of the housing boom in Novembe 2005, but the drop in the Tamps Bay area is even steeper at about 60 Employment conditions continue to the report says.
The state’s unemploymenf rate is expected to top out arounfd11 percent, Wachovia projects, with a loss of 720,000 including 430,000 jobs lost this reported 137 layoff events during the firsf quarter, more than double the previous Job losses are heaviest in industries with directr ties to the building boom, including construction and Wachovia said. Wachovia estimates Floridians saw a net lossof $1.2 trillionj in household wealth during 2008 with about two-thirds of that drop occurring in financia assets.