...by summer or fall of 2009, the economy will be better, the housing market will be good and mortgages will be going for about 2 percent more than now.
The hat trick that will pull South Florida from the dumper, he said, is “population growth, falling home prices and a better economy.”
He urged the crowd to watch for three things that will indicate improvements in the real estate market: a drop in the number of home listings, a drop in the amount of time homes remain on the market and an increase in the ratio between the sale price of a house and its listing price.
Until that happens, however, “if you don’t have to sell your house, don’t,” Tuccillo said. Of course, not everybody trusts his advice.
[Photo credit: Nocirc]