Real EstateFloridaSule Aygoren Carranzais managing editorof RealEstate Forum and editor of MultiHousing forum.

REFla: The residential market has had quite a run overthe past few years. What's happening now?

McCabe: The speculative activity that drove thecondo marketplace between 2001 and 2005 ended at the start of 2006.Since that time, we have seen a severe decline in sales volume anda growing inventory of condominium as well as single-family homes.We're also starting to see mounting foreclosures. Florida hasbecome a microcosm for what we're going to see in many marketsaround the US because the boom really started here. And as such,the correction cycle is starting here too. Due to the high volumeof speculative activity and the amount of artificial priceappreciation, we could see recessionary pressures beginning in2008.

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