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• May 8, 2008 5:38 pm US/Eastern
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  Money Mag: Housing Slump To Continue In S. Fla.

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Money Mag: Housing Slump To Continue In S. Fla.

MIAMI (CBS4) ― For your money this Thursday, there's a new prediction as to when South Florida will get out of its housing slump and if you're hoping it'll be this year, you better think again.

Street after street, block after block, there are "For Sale" everywhere in South Florida and it appears the worst isn't over for sellers.

According to a new report in "Money Magazine", prices will keep dropping in Miami and Fort Lauderdale for another two years.

Miami is tops on Money Magazine's list of "Markets Set For Steep Losses."

In the next year, the magazine expects prices in the area will drop nearly 25-percent. That's following a nearly 10-percent drop over the last 12-months. In addition, the magazine states we shouldn't expect the prices to stop dropping until sometime between April and June of 2010.

It's a similar situation in Fort Lauderdale.

It comes in at number two on "Money's" list with home prices in Fort Lauderdale expected to drop another 22-percent in the next 12-months, following a 17-percent drop last year.

The time frame for bottoming out is the same as Miami, sometime between April and June of 2010.

Other Florida markets aren't spared the price drops either.

Orlando is at number three on "Money's" list. West Palm Beach is number six, followed by Tampa at seven.

But in the cases of Orlando and Tampa, home prices are between 75-thousand and 145-thousand dollars cheaper than they are in Miami-Dade, Broward and Palm Beach counties.

If prices do drop for the next two years, that's good news for perspective buyers, but playing the waiting game could eventually cost them too.

We won't know when the market has bottomed out until after it has started rebounding.

Here is Money Magazine's full list of the top ten markets set for steep losses: 

1. Miami 
2. Fort Lauderdale 
3. Orlando 
4. Phoenix, Arizona 
5. Las Vegas, Nevada 
6. West Palm Beach 
7. Tampa 
8. Riverside, California 
9. Tucson, Arizona 
10. Stockton, California

 

(© MMVIII, CBS Broadcasting Inc. All Rights Reserved.)

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