More South Florida Homes Underwater

More South Florida homes were underwater in the second quarter of 2011 than last year.

According to Zillow, approximately 46% of homeowners in Miami-Dade, Broward and Palm Beach Counties owe more on their mortgage loan than their homes are worth, compared to 43% in the second quarter of 2010.

The same trend continues nationwide, with 27% of US homeowners underwater this year, compared to 22.5% last year.

Nearly Half of South Florida Homes Underwater

Nearly half of all homes in South Florida were in negative equity, or underwater, after the first quarter of this year.

In Miami, 46.6% of homes were underwater, while the figure was 49.4% in Ft. Lauderdale.

Having negative equity, or being underwater, means that borrower owes more on their mortgage than their home is worth.

South Florida Home Sales Rise as Prices Continue to Drop

Driving down the streets of South Florida it's hard not to notice the number of homes for sale. 2011 may be the year that these homes are bought.

In the first 3 months of 2011, home sales in Palm Beach County increased 33% compared to 2010. Almost 2,600 homes were sold in the first quarter of 2011, and yet the median home price dropped 18% this year to $194,000.

Spring New & Used Auto Sales Event

Stop by your local Enterprise Car Sales location March 26, 2011 to take advantage of Tropical Financial Credit Union's (TFCU) ONE DAY ONLY Spring New & Used Auto Sales Event.

Get Kelly Blue Book Trade-In Value on your vehicle PLUS an extra $1,000! Take advantage of rates as low as 2.99% APR. And if that wasn't enough, TFCU will make your first payment of up to $300.

We hope to see you March 26th at one of our convenient Enterprise Car Sales locations throughout South Florida:

Lauderdale Lakes at 2150 N. State Rd. 7 Call: 954.486.4370

Miami at 17720 S. Dixie Hwy Call: 305.378.0111

W. Palm Beach at 479 S. Military Trail Call: 561.242.5335

South Floridians Weather Cold Snaps

The weather is forecasted to cool down to the upper 40s this weekend. South Floridians all over are breaking out their winter wear in anticipation of the cooler temperatures.

We might blame it on our love of the endless summer that Florida offers or on our thin Floridian blood which causes us to bundle up if the temperature dips below 60 degrees.

As it turns out, the latter is a myth. No matter how long you live in Florida and are exposed to prolonged warm weather, your blood will not thin. We just have gotten used to the warm weather.

People who move from colder climates to warmer climates may benefit from fat loss because of the ability to exercise outside year-round, and shake their winter woes. Seasonal Affective Disorder is common in colder climates where it gets darker earlier in the day, but is almost non-existent in sunny South Florida!

So bundle up this weekend, stay warm and appreciate the health benefits South Florida offers.

Winn-Dixie Closing South Florida Stores

The economy has claimed another victim, Winn-Dixie and over 120 employees of the grocery chain. The company is planning to close 35% of its stores nationwide, including 13 South Florida stores.

Stores in Boca Raton, Deerfield Beach, Delray Beach, Ft. Lauderdale, Greenacres, Lake Worth, Loxahatchee, Plantation and Pembroke Pines will close their doors for good on September 22, 2010.

Brazilian Tourists Flock to South Florida

In the midst of the South American nation's economic boom, Brazilian tourists are flocking to South Florida and are spending more than other tourists. This increase in visitors is influenced by the strength of Brazil's currency, easier visa approvals and more flights to Florida.

Brazilians are now the third most popular international tourists, after Canadians and Brits. Brazilians also tend to stay longer and spend more than other tourists visiting South Florida. Last year, when the number of tourists to Florida dropped overall, the number of Brazilians visiting the state rose 29% and their spending increased 36%. In the first quarter of this year, South Florida saw 272,000 visitors from Brazil.

LeBron James May Boost Florida Economy

LeBron James announced Thursday night that he will be joining Dwayne Wade and Chris Bosh on the Miami Heat. Immediately after the news leaked, season tickets were sold out, signaling the tourism and economic boom that the basketball superstar will bring with him to South Florida.

Here are 10 Ways LeBron James will Impact the Florida Economy:
1. Merchandise Sales
2. Ticket Sales
3. Sponsorship Sales
4. TV Revenue
5. Downtown Miami Development
6. Shopping Malls
7. South Beach
8. Job Applications
9. Other Sports - Let's go Marlins, Panthers & 'Fins!
10. Media Outlets

South Florida Foreclosure Filings Down 49%

May 2010 showed a 49% decrease in the amount of foreclosure filings in South Florida compared to May 2009.

In May 2009, 8,350 foreclosures were initiated in the tri-county area. But last month, only 4,250 tri-county homes filed for foreclosure.

Foreclosure filings are down 50% in Miami-Dade County, 55% in Broward County, and 36% in Palm Beach County.

This decline in foreclosure filings is attributed to South Florida lenders' efforts to modify mortgages and accept short sales.

Is A TFCU Career Right For You?

Do you love your credit union? If so, here's your chance to begin your career with TFCU. Tropical Financial Credit Union is a non-profit financial institution and our employees have been serving members of South Florida for over 70 years. Interested in becoming one of them? TFCU is looking for talented prospective employees to fill entry level and higher positions. If you think you have what it takes, watch our employment video to learn more.

Tropical Financial Credit Union Provides Great Mortgages & Low Car Loan Rates in South Florida Video

Getting a loan doesn't have to be painful! Apply online today with Tropical Financial Credit Union for low rates on car, home, personal and business loans.

Associated Press Economic Stress Index

The Associated Press (AP) has compiled foreclosure, unemployment, and bankruptcy data in order to create a county-by-county index of the impact of the current economic situation across the nation.

The Economic Stress Index map shows a trend of highly populated, urban areas experiencing the worst of the recession and rural, inland areas experiencing a less harsh recession. The indices range from 0 to 100, with 100 being the areas most affected by the recession.

Broward and Miami-Dade Counties both have an Economic Stress Index of over 15 and Palm Beach County follows with an index of almost 14. This is due to high levels of unemployment, foreclosures and bankrupcy across South Florida.

Refinance Your Business-Occupied Real Estate Loan

Tropical Financial Credit Union has been serving South Florida since 1935 and has a SPECIAL OFFER for South Florida Business looking to refinance their Business-Occupied Real Estate Loan.

See the image below for details, or call today 888-261-8328, ext 7551.

South Florida's Speedy Economic Turnaround

South Floridians everywhere are hurting due to a weak economy and high gas prices.

Fortunately, due to tourism and trade, Florida might be one of the first states out of the slump.

There is no question that the economy is not what it once was. South Floridians are cutting back on dining out and entertainment, causing trouble in the retail and restaurant industries.

However, relief may be on its way. Although America's economy is not projected to turn around until the end of 2009, most of the US is not blessed with our tourism and South American trade industries.

South Florida's beaches, night life and restaurants draw both domestic and international travel yearly. European tourism this year is projected to be especially profitable due to the Euro's strength versus the Dollar, which should pump money into the South Florida's industries hurting the most.

The entire article is available on CBS4.com

Visit Tropical Financial Credit Union for more financial information

Welcome to Tropical FCU's Blog!

We're excited to launch our new blog! We invite you to come back often for useful news, articles, advice, features and other tidbits related to banking, finance, the South Florida economy and much more.

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Since 1935, Tropical Financial Credit Union has provided members and their families with a wide range of financial services at very competitive rates and terms. TFCU is a not-for-profit, member-owned and member-operated financial cooperative that helps members better manage their time and money. For more information, visit http://www.tropicalfcu.org/