The Real Deal Miami

Market recovery dim hope for next year

September 26, 2008 08:33AM

The regional real estate slump is two years old, and may celebrate an unhappy third birthday before recovery comes into view. Next year could be the official start of a national recession, according to Anthony Downs, a senior fellow at the Brookings Institution. He spoke at the Urban Land Institute’s annual Treasure Coast real estate conference at the Palm Beach County Convention Center. High vacancy rates in retail, office and industrial properties keep real estate prices down from Palm Beach to Indian River counties, and housing inventory levels remain high. Financing for new projects is increasingly hard to come by.