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Housing Market Slow to Rebound

December 11th, 2008 by flanews

Economists dont expect the states housing market to rebound until the middle of 2010.

Declining homes sales over the past year and a half have helped spur a two billion dollar hole in the state budget. The good news, sales have picked up over the past two months and the average price of a home in Florida has fallen to 170,000 dollars. Florida Association of Realtors Spokesman John Sebree said the climate is perfect for first time buyers.

At this point our opportunity is the first home buyers. The person who doesnt have a house to sell before they can buy a house. They now have the lowest price theyll probably ever have, lower interest rates than theyll probably every have, said Sebree.

While the news is good for buyers, many sellers have had to discount their property to avoid foreclosure.

Posted in Housing, State Budget, State News | No Comments »

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