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Politics : Politics for Pros- moderated

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From: LindyBill	10/26/2006 4:59:51 PM
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We have a huge supply of new luxury condos coming on the market here in Waikiki. South Florida--Ground Zero of the Housing Bust: Volokh Palm Beach County has an amazing forty-nine months worth of housing inventory for sale. In August, WCI Communities, a luxury builder with much of its business in South Florida, reported that net condo sales were down 88% from a year earlier. (I think there's been an even worse report since then, but I can't find a link.) Wow! But perhaps not too surprising for South Florida, perhaps the most speculator-dominated market in the country, and the birthplace of "condoflip.com" in the Summer of 2005, which I presciently called a "sign of the housing apocalypse."

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