Hard to Find Good News on Home Values for Coral Gables

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]

via S. Fla. home values remain depressed – South Florida Business Journal.

About Stephen E. McGaughey
Resident of the City of Coral Gables

One Response to Hard to Find Good News on Home Values for Coral Gables

  1. JanieC says:

    well, at least it’s Coral Gables, the rest of the county has plummeted whereas Coral Gables has held up much better than other areas. One bit of good news in a sea of bad.

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