• Font Size    
E-mail

Close Window E-mail This Page

South Florida: On List For Major Housing Declines

Required fields are marked with an asterisk(*)

The information you provide will be used only to send the requested e-mail and will not be used to send any other e-mail communications. Read more in our Privacy Policy

Send E-mail

   Print     Share +   
Oct 19, 2007 10:00 am US/Eastern

South Florida: On List For Major Housing Declines

MIAMI (CBS4) ― No matter how you're trying to sell a home in South Florida, it's definitely taking longer to do it. There are approximately 115,000 units currently up for sale and prices are dropping "like a rock".

Real estate experts say the sales prices are declining on average $40,000 in the last year.

The company that rates companies, real estate and an assortment of financial institutions, Moody's Investor Services ranks Miami number ten for the worst housing market, Tampa is number nine, followed by Fort Lauderdale and Orlando. 

The worst place to sell right now is Detroit.

"In my opinion the worst is probably over or ending," said realtor Hazel Goldman, who also believes part of the problem with the declining housing market is the rising property taxes.

"It's obvious that the tax thing is a problem and that's why four of the cities on the Moody's list were from the state of Florida," Goldman added.

Moody's is predicting Orlando will drop the most at 8 percent, Tampa by about 6 percent, with Fort Lauderdale and Miami expecting to drop around 4 percent.

 

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

You need the latest Flash player to view video content.
Click here to download.

Click here to bypass this detection if you already have the latest Flash Player.

Local News

Top News Stories

© MMIX, CBS Television Stations Inc. All Rights Reserved.