S.
Florida’s high prices, abundant supply may cause housing slump to linger
The worst of the U.S. housing slump is over, according to the National Association
of Realtors, but some analysts in South Florida are more skeptical.
Sales of existing U.S. homes will grow at an annual rate of 6.29 million in
the first quarter, snapping five consecutive quarterly declines, the industry’s
largest trade group said Monday. New-home sales, about 15 percent of the market,
won’t recover until 2007’s fourth quarter when transactions will grow to an
annualized rate of 967,000 after bottoming at 944,000 in the third quarter,
the Realtors group said.
“There’s a consensus emerging that the beginning of the recovery is probably
going to be 2007,” said Todd Vencil, an analyst at BB&T Capital Markets
in Richmond, Virginia. “The spring selling season is going to be crucial in
determining exactly when it begins.”
A link to the article is here
…
