Homes

The Real Estate Prices Keep Dropping In Miami

MIAMI (CBS4) ― Forbes Magazine has come out with a list of the top ten worst-selling housing markets in the U.S. And it's probably no surprise to you that Miami tops the list. Housing prices are coming down fast, but wait until you hear by how much a week.

Samantha Sharpe, like thousands of buyers, is trying to piece together our housing market.

"It's hard," said the potential buyer. "I sit on the computer everyday waiting for a new listing. There isn't much coming up but a lot going down--lot of homes on the market going down."

The words "price reduction" are almost standard with any sign in a yard today, making it nearly impossible to judge what is a good deal--especially when you see how much prices are dropping. At the peak of our market in 2004 home values rose on average $1,000 a week. So far this year we're in a nosedive, prices dropping $1250 a week.

"It went so fast and, so crazily, that I think it has to," said Hazel Goldman. "You know anything that goes up has to come down."

Goldman, a realtor, blames credit for the steady drop in price. Banks now demand 20 to 30 percent down.

"Unfortunately as much as the young people can afford the payments, which is a struggle, but more and more people can, it's hard for them to come up with the down payment," Goldman.

The price drops are working though, for those who are drastic.

"I got a house that I probably couldn't have afforded two or three years ago," said Blythe Mandelbaum.

Mandelbaum couldn't pass up a sweet deal: $150,000 off the 2007 price tag.

"We got a lot for our money. We're in the right school district. I'm very happy. I know prices are still coming down but I don't know if I would have been as lucky."

And while some jumping in, most are staying out, and in a sense making money, $1250 a week.

"I just keep on looking, and hope I find something," said Sharpe. "And hope it's the right marriage."

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