IBS Speakers Say Florida Real Estate Recovery Likely Will Be Slower Than Rest of U.S.
- Feb 15, 2008
Orlando, Fla.–Although U.S. real estate might bottom out this year, the Florida housing market will most likely take longer to rebound, according to economists who spoke Wednesday at the International Builders’ Show in Orlando, Fla.Although some states–such as North Carolina–are doing much better than the rest of the country’s real estate markets, Florida is currently undergoing a sharp price correction from the high home prices and sales it experienced during the housing boom, the Palm Beach Post reports.Cities in Florida, California, Ohio and Michigan comprised three-quarters of the 20 U.S. metropolitan areas with the greatest number of foreclosures last year, according to real estate research firm RealtyTrac. Among those cities, Miami ranked eighth; Fort Lauderdale was 10th and Orlando was 20th. Because more foreclosures mean more homes to sell, prices tend to drop in areas with high foreclosure rates, the Post said.”This really does look like something out of a Warner Bros. cartoon, where Wile E. Coyote has fallen off that cliff and still hasn’t hit bottom,” said David Seiders, chief economist for the National Association of Home Builders. “It’s pretty clear that the housing contraction is not yet over.”