South Florida’s dependence on real estate is keeping both its banks and its economy bogged down even as the banking industry nationwide is showing measurable signs of recovery. That’s a sure indicator the region will be one of the nation’s last to emerge from the long economic downturn.
“Historically, Florida was one of the last states to go into a recession and one of the first to recover,” said Roberto Munoz, chief lending officer at Professional Bank in Coral Gables. “This recession is different. The service and consumer sectors have been the areas most devastated.”
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