More news from Florida from the Palm Beach Post: Prices, sales continue downward spiral.
The slowdown has caused an astounding 49-month supply of existing homes for sale in Palm Beach County, Regional Multiple Listing Service records show.
"The market is not in balance, and as long as that is the case, you will continue to see reductions in price," said Homekeys.net President Manuel Iraola. "Have we reached the bottom? Probably not, but we are getting closer. And most importantly, the descent has been relatively soft."
49 months of inventory? That's not a slowdown, that's a fucking disaster!
And "we are getting closer" to the bottom? Hahahahahaahahah. When you have roughly 3-6 months of inventory, that's when you'll be at the bottom, Bumblejack!
I hope my readers haven't forgetten what Motoko Rich, the dumb bimbo from the New York Times had to say: "South Florida is working off of a totally new economic model than any of us have ever experienced in the past.".
I really really love that quote!
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