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Oct 21, 2009 12:34 pm US/Eastern
Study: South Florida Home Prices To Drop Further
NEW YORK (CBS4) ―
Despite the promise that both Washington and Wall Street continue to say the economy is showing, a new forecast from Fiserv said home values in Miami will drop another 29.9 percent by June 2010, according to CBS4 news partner the Miami Herald.
That would be on top of the 48 percent drop since the real estate market in South Florida peaked during 2006.
The Fiserv survey said Miami's price drop will be the worst of any of the 381 metropolitan Fiserv ranked. Orlando was the second-worst city with home values 27 percent, while prices are forecasted to drop by 26 percent in Fort Lauderdale.
For the city of Miami, the drop would bring the median home price down to $150,500 by next June and $153,100 in Fort Lauderdale, according to the Herald.
Fiserv's survey includes economic variables, including interest rates, demographic trends and labor market conditions, along with the S&P/Case-Shiller Index.
(© MMIX CBS Television Stations. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. CBS4 news partner The Miami Herald contributed material for this report)
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