from CNBC.COM
By Tara Siegel Bernard News Editor | 13 Apr 2007 | 07:26
It's a great time to look for a condo -- but it's likely to get better in the months ahead.
...
Builders won’t be the only ones looking to sell. Speculators who rushed in and bought condos by the handful in hopes of flipping for a hefty profit later on will also be looking for buyers, as will many of the lenders themselves. Foreclosures are on the rise because many individuals bought homes when credit came easy, often with enticingly low introductory interest rates or little money down.
“The poster children for excess construction generally reside on the coasts in markets where home price appreciation have boomed,” said Suzanne Mulvee, senior real estate economist with Property & Portfolio Research, a Boston-based real estate research firm, which expects further price declines throughout 2007. “That includes Florida - especially Tampa, Miami and Orlando - Chicago, Las Vegas, Palm Beach and San Diego.”
Finally some RE brainiac admits that Chicago is running with the big boys...to the end of the cliff. Break out the champagne!
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