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South Florida

Financial forecast remains dismal

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Even before the worst of the credit crisis hit, JP Morgan Chase,
which just purchased Washington Mutual, predicted in a September
presentation that Florida home prices would fall another 16 percent. If
the recession is worse than expected, the bank projected Florida prices
falling another 21 percent. A severe recession could bring prices
crashing a further 36 percent. The bank assumes Florida prices have
fallen 28 percent, which corresponds to what most home price indices
say.