Housing market to decline through 2007
The housing market in Florida and across the Southeast continues to bottom out and will likely stay weak through 2007, a report issued by RBC Centura economist Amy Goldbloom showed.
The Raleigh, N.C.-based bank said it expects housing markets across the Southeast to gradually recover, though Florida and Virginia may lag behind other areas because those markets were hit the hardest by the housing correction.
“The South Florida housing market has been hit pretty hard, when it comes to Florida,” said Rick Perez, regional president of personal and business banking in Florida.
He blamed speculation for exacerbating the rise in prices, and said that homes in Orlando and South Florida were the first to zoom up in price, and may be the first to come down.