The former Federal Reserve chief, known as one of the most accurate and dependable market sages, warned at a conference this week in Hong Kong that the risk of the U.S. economy falling into a recession by the end of the year was increasing.
This warning comes at a time when mortgage default rates and foreclosures are dramatically increasing. Many market watchers predict that more Americans would default on their mortgages.
The Key West real estate market has seen a record number of properties for sale, with many more under construction. Very slow real estate sales and a glut of properties have led to a decline in the hyper-inflated prices of the past few years.
If recession is truly on the horizon for the United States, the Key West real estate market is likely to continue to suffer.
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