South Florida Real Estate Blog - Updates & Realty News

December 5th, 2009 11:29 PM

When Will This Horror Show Come to an End? -- the title of a recent report by Wachovia Corp. economists -- aptly summarizes what's on many South Floridians' minds these days.

The deep downturn in the housing market, rampant home foreclosures, rising unemployment, collapsing banks -- and especially the credit crunch -- have most people feeling a bit off-balance.

''The situation is unprecedented,'' said David Denslow, an economist at the University of Florida. ``Our ordinary models don't explain what's going on. All those ordinary models aren't working, and now everybody is groping. No one knows what's really salient.''

But this much seems clear: 2009 will be a difficult year.

Here's a sector-by-sector look at how major drivers of the South Florida economy are expected to fare this year:

HOUSING

Falling home prices expected

In many ways, the region's economic woes started a few years ago with the housing boom.

From 2002 to 2006, fueled by low interest rates and easy credit, the median home price in Miami-Dade doubled, from $185,000 to $375,000. Thousands of people found work building huge condo towers and subdivisions, and their prosperity spread throughout the economy.

Then, last year, the dream became a nightmare. Home prices had risen far beyond most people's ability to buy, forcing down demand. Speculators were buying up condos at prices so high that no landlord could make money renting them.

Last year homes prices were back down to 2003 levels, foreclosures began to skyrocket and credit markets slowed and then seized up almost entirely.

Now, most experts think South Florida home and condominium prices will continue to fall in 2009, but probably not as fast as in 2008.

''2008 is probably the worst we will see,'' said Jack Winston, principal at Goodkin Consulting in Miami, ``but we still have a hangover going into 2009 and I don't think we'll start to get rid of that headache until the end of the year.'' complete story

Source: MiamiHerald.com - Scott Andron

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Posted by Real Estate - Associates on December 5th, 2009 11:29 PMPost a Comment (0)

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