A real estate forecast less gloomy

In a region where real estate is king, economist John Tuccillo has good news.
The king is not dead.

"There is no bubble in the real estate market because there is no 'the real estate market,'" Tuccillo told a group of developers Wednesday at Fleming's restaurant in Sarasota. "There are hundreds of thousands of real estate markets," separated by location and price, and the underlying economy is key to the health of each of them.

"The most vulnerable market is Detroit," said Tuccillo, a Sarasota resident who is former chief economist for the National Association of Realtors. All those nasty General Motors job cuts will make Rust Belt real estate even cheaper, but not affordable. Even cheap real estate, he said, is not affordable for those who don't have jobs.

Read the rest of the article here:
http://www.sarasotaherald.com/apps/pbcs.dll/article?AID=/20051203/COLUMNIST10/512030573/1201/REALESTATE

It is good to see the local newspaper print something positive about the Sarasota real estate market. I could be mistaken, but it seemed as if the Sarasota Herald Tribune was trying to scare the public with negative articles about the real estate market.