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Moodys predicts Florida recovery will take until 2030

Source: St. Petersburg Times,
(09/24/2009)
By Robert Trigaux

Slow Recovery for Florida Housing Prices The Florida housing market is unlikely to fully recover until 2030, predicted Moody's economy.com analyst Celia Chen. The Florida housing market peaked in 2006 and since then has dropped 46 percent. Chen argued that the comeback will take so much time because: Prices are still falling and won't hit bottom until 2011. The state's foreclosure process is lengthy, which is prolonging the downturn. Florida prices flew highest and are thus looking at the biggest declines.

Chen said economic growth in Florida will outpace the nation during the 2011-2016 rebound, but added that a "tremendous amount of equity has been lost by Florida homeowners, and this will continue to constrain consumer spending in the state."