Apr 28, 2008 4:21 pm US/Eastern
"America's Worst Selling Housing Market": Miami
Tampa & Orlando Also Made The Forbes List
MIAMI (CBS4) ―
South Florida home owners looking to sell their property and make a new start somewhere else may have to put their plans on hold for a while.
The Miami area tops the list of this year's Forbes magazine's list of "America's Worst Selling Housing Markets."
Miami was just 1 of 3 Florida cities to make this year's 'Top 10' for dropping dropping prices and sluggish sales rates; Tampa came in at #7 while Orlando landed in the #9 spot.
In order the cities are:
1. Miami
2. Denver
3. San Diego
4. Baltimore
5. Washington D.C.
6. Los Angeles
7. Tampa
8. Phoenix
9. Orlando
10. Chicago
Based on data from the National Association of Realtors, Forbes researchers look at sales rates and price declines in the country's 40 largest metropolitan areas. Also taken into consideration was how quickly these cities shed inventory from their peaks which occurred between four and six months ago, based on data from ZipRealty.
Miami, with the ninth highest foreclosure rate in the country, has more than 81-thousand unsold homes with a sales rate of just .2-percent per month. Forbes notes that even though there has been a cutback in construction, it's not clear if Miami has reached an inventory peak since more homes are still going onto the market than coming off it. With a median price of $345,900, analysts expect prices to continue to fall until buyers start finding bargains.
Source: Forbes
(FORBES)
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