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Economists don’t expect the state’s housing market to rebound until the middle of 2010.

Declining homes sales over the past year and a half have helped spur a two billion dollar hole in the state budget. The good news, sales have picked up over the past two months and the average price of a home in Florida has fallen to 170,000 dollars. Florida Association of Realtors Spokesman John Sebree said the climate is perfect for first time buyers.

“At this point our opportunity is the first home buyers. The person who doesn’t have a house to sell before they can buy a house. They now have the lowest price they’ll probably ever have, lower interest rates than they’ll probably every have,” said Sebree.

While the news is good for buyers, many sellers have had to discount their property to avoid foreclosure.