Miami developer says South Florida real estate still in trouble

Most thought Miami developer Stanley Tate was crazy four years ago when
he predicted the coming real estate bust. Now, he is making a prediction
that the future is still pretty bleak. Tate returned to the
International Council of Shopping Centers meeting with his warning,
arguing that the country today was closer to bankruptcy than it’s ever
been in its history. Tate said the picture isn’t any better for retail,
with a 22 percent national vacancy rate. [Miami
Herald]