From the Destin Log
Dismal outlook on Florida housing
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July 17, 2007
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No Quick Comeback Seen for Housing
Noted economist Mark Zandi of Moody's Economy.com provided a sobering look at the Florida housing market last week as he addressed the Leaders Advantage program at the Southeast Building Conference (SEBC) in Orlando.
Zandi predicted the housing market is not likely to fully recover until 2010.
"The downturn actually started in June, 2005 so it?s two years old," said Zandi. "We think the cycle continues on a downward path in 2008 with 2009 as a stabilizing year and 2010 as a return to normal activity."
Zandi added that housing will not find its "bottom" until there is some significant combination of reduced production and price cuts.
"The worst of the decline is over but we're a long way from recovery," said Zandi.
The program was sponsored by Countrywide Home Loans and attracted 130 participants. Governor Charlie Crist keynoted the event and vowed continued work with the Legislature on Florida's serious problems of high property taxes and insurance.
Dismal outlook on Florida housing
--------------------------------------------------------------------------------
July 17, 2007
--------------------------------------------------------------------------------
No Quick Comeback Seen for Housing
Noted economist Mark Zandi of Moody's Economy.com provided a sobering look at the Florida housing market last week as he addressed the Leaders Advantage program at the Southeast Building Conference (SEBC) in Orlando.
Zandi predicted the housing market is not likely to fully recover until 2010.
"The downturn actually started in June, 2005 so it?s two years old," said Zandi. "We think the cycle continues on a downward path in 2008 with 2009 as a stabilizing year and 2010 as a return to normal activity."
Zandi added that housing will not find its "bottom" until there is some significant combination of reduced production and price cuts.
"The worst of the decline is over but we're a long way from recovery," said Zandi.
The program was sponsored by Countrywide Home Loans and attracted 130 participants. Governor Charlie Crist keynoted the event and vowed continued work with the Legislature on Florida's serious problems of high property taxes and insurance.