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Glimmers of hope for property in Florida? - 27 March 2009

Reports emanating from the US this week suggest that there may be a light at the end of the tunnel for real estate agents across the country as sales of previously-owned properties rose at their fastest rate for nearly six years in February. Reuters news agency reported that the National Association of Realtors (NAR) had seen a rise of 5.1 per cent in the sale of previously-owned properties, the largest gain since July 2003.

While no-one is predicting that this heralds the end of the deep depression in the US housing market, any sign of positive news has to be greeted with relief. Buyers and real estate agents alike are well aware of the state of the finance and construction sides of the property industry, and the lack of qualified buyers. This is reflected in the fact that something like 45 per cent of the property sales registered in February were foreclosure of short-sale transactions, and therefore from people looking to make the most of buying in a depressed market.

As and when the market in the US does pick up, it is likely to be property in Florida that still leads the way forwards. Not only is the Sunshine State the place that most foreign visitors want to visit, it continues to be incredibly popular with people moving within the US. Right up until the crash in the market caused by the delinquent sub-prime mortgages, Florida had net internal immigration of over 1,000 people per day.

Anecdotal evidence from realtors in several states suggest that buyers are beginning to appear once more as price approach what is perceived to be a floor, according to the report.

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