Some signs of stabilization in Florida home prices surfaced last month as foreign investors flooded the market with cash to buy properties, a new report from FBR Capital Markets said.
Analysts with FBR believe an influx of foreign money could have the dual effect of raising confidence in the banks’ reserve levels, while undermining growth on the financing side of the mortgage system.
“We believe that the book values of banks holding loans in Florida are probably stable, but cash buyers are draining loans from the banking system, which is likely to result in shrinking balance sheets and negative loan growth,” FBR Capital analysts said.
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