The SoFla Home Price Plummet Could Continue: Report
Miami's median home price could drop more than $60,000 by June
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How much is that foreclosure in the window?
Bottom? What bottom?
Might want to hold off on that great real estate deal, because it could get even better. For the buyer, of course, that is. If you're on the other end, better re-fill that Xanax prescription.
The South Florida Business Journal reported today that, according to a report by financial service firm Fiserv, U.S. home prices will continue to drop through the middle of 2010, with median home prices falling 11.3 percent.
However, SoFla's foreclosure tsunami will help add 29.9 percent to that number. That means the Miami condo you just put on the market for $215,000? It could be worth about $150,000 come June.
Fort Lauderdale and West Palm don't fare much better, according to Fiserv, with the median home price falling from $218,000 to about $170,000 and from $229,000 to about $180,000, respectively.
Should this doomsday scenario actually play out, banks will experience losses due to lost loan value, home owners could, again, start walking away from their properties, and city and county managers will have to deal with holes in their budgets.
And everyone knows how well we handle budgets.
Posted Wednesday, Oct 21, 2009 - 11:00 AM EST
