YES.... according to an article on the opinion pages of the Wall Street Journal on May 6, 2008.
The reality is that the market usually shakes out and stabilizes. I am not an economist, but it is clear to me that the reduction in values has some positives. One of the major problems with the Boca Raton real estate market in the past few years is that many people could not afford to buy a home. Local governments worked to create "workforce housing" plans which would enable policemen, teachers, etc to afford homes. This is no longer the case, and with the market declines it is now possible for salaried workers to afford to buy homes in the Boca Raton and Palm Beach County area.
According to the article, the market will improve because "normal people can afford homes again". Combined with the historically low interest rates, now is a great time to buy real estate in the Boca Raton area. Please contact me for further information about the Boca Raton real estate market.
Gloria Singer is the Broker of Boca Expert Realty, a boutique Boca Raton real estate company with a focus on professional service and an unparalleled customer experience. Our select agents are amongst the top performing professionals in the field. Visit www.BocaExpert.com for information on Boca Raton, Delray Beach and Highland Beach real estate and to connect with an expert in the local market.