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Osceola County


March was a good month for Florida`s housing markets. Closing volumes were generally higher across the State and pricing was firm. While it will be a number of months before a sustained recovery begins, it is now clear that Florida`s housing markets have bottomed out. Figure 1 illustrates these points with the data for existing home closings in Osceola County. The bottoming out in closing volume is clear. Although there has been some price erosion over the last six-months there is no sign of a collapse. The new home market and the market for condominiums followed a similar pattern in March.

The acute phase of the financial market panic has passed. However, the U.S. economy is in a mild recession. Housing market recovery in the nation will begin in the second half of this year, but it will be painfully slow. As a result, stronger population growth will not unfold in Florida until 2009. Florida`s housing markets move back towards more normal levels of volume in 2009 as population growth accelerates.

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