Hard to Find Good News on Home Values for Coral Gables
August 10, 2010 1 Comment
It is difficult to imagine that this year’s fall in property values in Coral Gables won’t be repeat again next year. Can the city keep raising property taxes willy-nilly?
The Miami-Fort Lauderdale metropolitan area continues to struggle under the weight of the housing crisis, with home values falling 15.2 percent, year-over-year, and 6.6 percent, quarter-over-quarter, according to the latest Zillow Home Value Index.
The report found home prices in the Miami-Fort Lauderdale area lost more than half their value (52.4 percent) since the peak of the housing market, falling to $146,500.
Nationwied (sec), home values fell 3.2 percent, year-over-year, and 0.6 percent, quarter-over-quarter, to $182,500.
Negative equity – which refers to the percentage of single-family homeowners with mortgages that are underwater – fell 3.2 percent, year-over year, to 21.5 percent nationwide. In the Miami-Fort Lauderdale area, 44 percent of homes were underwater in the second quarter. [emphasis added]