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CBS4 Your Money: Signs Of Economic Optimism

MIAMI (CBS4) ― Despite new numbers which show just how far home prices have dropped in the last year, the Chairman of the Federal Reserve said on Tuesday he is cautiously optimistic that the financial markets are improving.

A recent survey found that South Florida sellers are getting less for their homes today than they would have gotten if they sold them a year ago. While that statement isn't new, CBS4 Consumer Reporter Al Sunshine reports we are getting a clearer look at just how much less sellers are getting when they sell their homes in today's market.

The National Association of Realtors has backed up a recent Money Magazine finding that homes are selling for 15-percent to 17-percent less in Miami Dade and Broward counties than they were a year ago.

In the Miami-Ft. Lauderdale market, Money Magazine found that the median home price has dropped to about $319-thousand; a 17-percent drop from the first three months of last year.

Buyers looking for a real bargain should consider the condo market where prices in the Miami-Ft. Lauderdale market have dropped nearly 27-percent; the median price leveling off at nearly $176-thousand.

While predictions vary as to when home prices will start to rise again, there is some financial optimism according to Federal Reserve Chairman Ben Bernanke who sees the strain on the financial markets starting to ease. Because of this, consumers should not expect to see additional interest rate cuts in the near future. Bernanke says holding interest rates where they are now will be a key to holding off inflation.

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