“For
people who have been waiting to time their home purchase close to market
bottom, it’s time to start shopping,” said Stan Humphries, Zillow’s chief
economist. Bidding wars have returned as
buyers compete for a shrinking supply of homes. Inventories of single-family
homes in Palm Beach and Broward counties have fallen in the past year by 38
percent and 48 percent, respectively, local Realtor boards say. From loansafe.org.
The
Sun Sentinel interviewed a dozen builders, buyers, analysts, real estate agents
and other local housing observers, and 10 agreed that the region has reached a
housing floor, despite concern that another wave of bank-owned homes will hit
the market. With prices back to levels
last seen in 2002, demand is strong again, particularly from foreign investors
and others willing to pay cash.
