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"ECONOMIST: SW FLORIDA HOUSING MARKET HAS BOTTOMED OUT
Hank Fishkind of Fishkind & Associates, a noted economist told local economic conference attendees in SW Florida that the local Florida housing market has bottomed out but it will take some time before we see prices start to rise primarily due to the supply of housing units. Fishkind reported that there remains a 12 month inventory in Collier County and a 36 month inventory in Lee County. At first he was surprised over the difference between the inventory in Collier and Lee Counties but, later explained that it is likely because of the higher cost of building in Collier County that kept speculation at a minimum as compared to neighboring Lee County. Also, availability of land at a lesser cost in Lee County vs. Collier County explains why there was so much speculation in Lee County accounting for the 36 month inventory. Fishkind reported that the hardest-hit housing segment, when it comes to values, is still the condo market due to the fact that condos make up a major part of the Florida housing stock and the fact that speculators were drawn to them as all maintenance and security is provided by the condo association. In spite of his uncertainty as to when prices will start to rise, he reports that other segments of the area's economy, including tourism, health care, education and government, all remain strong. And he believes that despite factors like high energy costs, the sub prime mortgages, he is still optimistic that there is no recession in the future of Florida. Southwest Florida International Airport reported a 5% increase in passenger traffic during the month of September. He believes that the Airport is a boon to SW Florida as people tend to live within 45 minutes of a major airport."

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