Is Housing Nearing the Floor?

Thanks to deeply discounted prices, sales are improving. But there are still plenty of homeowners waiting to be saved

James Erin De Jauregui for TIME

The last piece of the last residential construction crane in Miami is coming down, and locals don't expect to see another one for a while. Developers threw up some 23,000 housing units along South Beach and its environs beginning in 2003, many of them bought by speculators who thought they could flip the properties for a quick profit. Then the music stopped. "Our best guesstimate--and we've talked to lenders and developers--is that you will not see a residential construction crane in the sky in downtown Miami for a generation," says Peter Zalewski, a real estate broker and founder of Condo Vultures,...

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