Despite positive assurances of some realtors, the Key West real estate market may have even further to fall should Alan Greenspan's recent warnings come true.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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