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Miami-Dade Housing In Search Of A Bottom

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Feb 10, 2009 8:18 pm US/Eastern

Miami-Dade Housing In Search Of A Bottom

For Info On Real Estate News, Click On CBS4.Com/Homes

MIAMI (CBS4) ― Certain housing markets around the country have taken large hits. Some of the usual suspects were Phoenix, Las Vegas and San Francisco whose declines were 30 percent this time last year. Miami and Los Angeles saw drops in the high 20s, and now a study says Miami may not bottom out until 2011. 

In a report released by Moody's Economy.com, home prices in Miami-Dade County will continue sliding through 2010, not bottoming out until early 2011. It stated also that Broward real estate may bottom in the latter part of 2010. 

The report is called, ''Housing in Crisis: When Will Metro Markets Recover?'' 

U.S. home prices will reach bottom by the end of the year, concluding a slide that will have cut values 36 percent.

The biggest home-price decline is forecast for the Naples, Florida, area, where the report estimates prices will tumble 70.1 percent from the top before hitting bottom in the fourth quarter of 2010. Naples is followed by the California areas of Merced and Salinas. Merced prices are forecast to fall 69.6 percent from the peak and Salinas 67.9 percent.

Drops in home prices and sales in Miami-Dade and Broward counties in 2008 marked one of the worst years for the real estate industry.

Prices for a single-family home were down 27 percent in 2008 in Miami-Dade and condo prices saw a drop of about 12 percent.

The median price for a single family home in Miami Dade for 2008 was $276,600; the median price for a condo was $239,400. In Broward, single family home prices fell 23 percent while condo prices were down 29 percent. In Broward, the median price for a single family home in 2008 was $278,000 while the median price for a condo was $132,900.

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