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South Florida

Florida declines among nation’s steepest

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In a forecast released Friday, the National Association of Realtors
lowered its expectations for existing-home sales to 5.02 million in
2008 and new-home sales to 487,000 as unemployment concerns grew.
That’s down from expectations one month ago of 5.04 million
homes resales and 503,000 new-home sales in 2008. NAR expects existing-home
sales to rise to 5.32 million next year and 5.62 million in 2010, while
it sees sales of new homes falling to 413,000 next year and growing to
520,000 in 2010. For all of 2008, home prices will have fallen by more
than 20 percent in Las Vegas, Phoenix, and many California and Florida
markets, while many markets in middle America will experience little
change, according to the forecast.