By Paul Owers | South Florida Sun-Sentinel February 26, 2008
Sales tumbled 26 percent [in Palm Beach County], to 369 from 496. It was the fewest homes to change hands in any month countywide since the Realtors' group started releasing monthly housing statistics in 1994.
What's more, the expected rise in foreclosures this year will add to the glut of homes already for sale. Last month, 1,746 Palm Beach County homeowners were notified by their lenders that they intend to take back the properties, more than double the 634 from a year ago, according to Realestat.com, a Plantation-based research firm.
Ok, in simple round numbers about 400 homes sell per/month and 1700 are being foreclosed upon in the same period meaning there is a freaking huge GROWING surplus of homes on the market. Growing being the operative word, in simple market terms when supply is greater then demand prices fall or in this case BUST.
For millions of years dinosaurs roamed the earth, then Flagler built the railroad, then there was a land boom, followed by a land bust, followed by a land boom, followed by a land bust...The History of Florida in short.
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