The housing slump, entering its fourth year, is unlikely to turn around soon, real estate and economic analysts say.
Moody's Economy.com, a West Chester, Pa., research firm, expects the local housing market to remain depressed for all of 2009 and most of 2010. It forecasts home prices in Palm Beach County to hit bottom in the third quarter of next year.
Home shoppers now are drawn mostly to distressed properties owned by lenders or desperate sellers, real estate agents say.
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