Florida hurtling toward recession

Bob Ivry at Bloomberg has a pretty detailed report on the Florida condo scene, including a good line from Florida Gov. Charlie Crist—that the state bird should now be the building crane. Mark Zandi of Economy.com predicts that Florida will be in recession as early as October, thanks to the rampant overbuilding—particularly in the condo market—that has ground to a halt and is leaving investors, banks and developers sitting on massive losses.

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