Rising home equity levels in Florida are being credited with an increase in boat sales in December of 2013. According to TradeOnlyToday.com, an industry news source, there were 140,000 boats sold nationwide in December 2013, an increase of 20,000 over the same period in 2012.
There are two reasons that these numbers are being linked to Florida real estate. The first is that Florida, along with Texas, are typically the only states where boat buying remains strong in the winter months. December usually only accounts for 2.5 percent of annual sales. The second is that the housing market in Florida has been rebounding as the economy improves. This in turn means that homeowners have more equity, leading to more boat purchases through credit.
"One of the things we've seen over the years is a fairly strong correlation between home sales and boat sales," Jack Ellis, managing director at Info-Link Technologies, told the source. "Most people have much of their equity and net worth tied up in their home. When you see the value of your home get cut by 30 percent, which happened in certain parts of Florida… [people are less likely to spend.]"
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