Florida Realtors see mini-recovery in the Sunshine State

Heading into 2012, Florida Realtors say the Sunshine State is already in a mini-recovery with sales trending up and inventories starting to fall. The association of state real estate agents concluded during its 2012 Real Estate Economic Forecast Conference Tuesday in Orlando that Midwesterners wanting homes in Florida will be able to find deals throughout next year. Florida Realtors Chief Economist Dr. John Tuccillo said real estate agents are starting to see multiple offers on Florida homes. Mark Vitner, senior economist at Wells Fargo, who spoke at the event, said the European debt crisis remains a concern, but he anticipates the U.S. economic recovery will continue in 2012. "Florida’s economy is recovering, with tourism and health care leading the way," Vitner said. "On a national level, we expect the U.S. will not fall into recession next year, although Europe faces serious problems." Lawrence Yun with the National Association of Realtors, who also spoke at the event, said local Florida markets are starting to see their inventory levels drop. "That's a major change from just a year ago," Yun said. "Buyers have stepped back into the Florida market." Yun is predicting a poignant turnaround in South Florida and expects to see home price gains in Miami and Naples in the coming 18 months. From: http://www.housingwire.com/tag/2012-real-estate-economic-forecast