[I had to do a post on this one just because I loved the Sun Sentinel headline]:
Mortgage mess could delay South Florida housing market rebound
The subprime mortgage mess could delay a much-anticipated rebound this year in the housing market across South Florida and the nation, industry officials said Thursday.
David Seiders, chief economist for the National Association of Home Builders, said the subprime fallout has caused him to change his overall housing forecast. The increasing threat of mortgage foreclosures could put even more homes on the market. Nationwide there are already 1.4 million excess vacant units for sale, Seiders said.
"Some markets will really be in the doldrums for quite awhile," he said during a conference at the Westin Diplomat in Hollywood.
I didn’t think there were tremendous expectations of a rebound this year in South Florida and/or the nation, even without the subprime meltdown. There is still the little, insignificant issue of all that inventory his members built….
His counterpart David Lereah at the National Association of Realtors doesn’t seem to think the whole "subprime mess" is a big deal. [Follow this link- you gotta read the first paragraph!] But hey, when you need an excuse, any excuse will do.
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I’m in South Florida until the 19th for work and every local I’ve chatted up – at work or outside work – agrees that the RE market is in the toilet.
“It’s dead, Jim.”
Some of the news outlets are acknowledging that fact while others are completely silent on the subject.
Weird… it as if some news outlets think that if they just don’t mention how bad the RE market is right now, it will magically get better!
There is a *lot* of inventory here (Ft Lauderdale area).