West Palm Beach, FL -- (SBWIRE) -- 03/15/2012 -- Palm Beach County was one of the hardest hit areas economically in terms of real estate during the recession, but there are early signs of recovery and a possible return to strength for some of the Nation’s most valuable real estate. Prices for real estate have stabilized and in some areas of Palm Beach County gone slightly up – because the market is still weary of sharp rising prices – they have not responded to the frenzy of buying occurring in this area.
A premier Palm Beach County Real Estate Group, The Harelik Team, has reported record-high sales last month, and possibly even higher this month. They also have seen a phenomenon of fast selling condos and homes. The Harelik Team, which sells mostly homes in Active Adult Communities, reported selling Boca Raton condo in six days and a Wellington townhouse in two days. Homes are also selling very quickly and instances have occurred in Palm Beach County where homes were only on the market for a single day before being sold.
This surge in market activity is a great sign for a Palm Beach real estate market that was hit extremely hard by the recession. Palm Beach County and Florida are disproportionately real estate driven economies compared to other locations in the United States. A strong Florida real estate economy would be a sign of a stronger overall American economy since Florida is a place with the largest amount of second homes, winter homes, and retirement homes of any state in the country.
A recent article released by Krista Franks Brock titled, “Housing Crisis to End in 2012 as Banks Loosen Credit Standards”,
"Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit....Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings".
This combined with strong results from local markets like Palm Beach County and top real estate groups like The Harelik Team are very positives signs of a real estate recovery. Krista Franks prediction on the real estate market could be correct, the housing crisis may just end in 2012.