House Prices Still Going Down

According to Standard and Poors house prices continue their decline in Miami.  There is concern about a national double-dip in these prices.

Two points–don’t believe the real estate agents and fully expect the city of Coral Gables to increase property taxes yet again in 2011.

In November, only four MSAs – Los Angeles, San Diego, San Francisco and Washington DC – showed year-over-year gains. The Composite indices remain above their spring 2009 lows; however, eight markets – Atlanta, Charlotte, Detroit, Las Vegas, Miami, Portland (OR), Seattle and Tampa – hit their lowest levels since home prices peaked in 2006 and 2007, meaning that average home prices in those markets have fallen even further than the lows set in the spring of 2009.

About Stephen E. McGaughey
International consultant in economic development programs and projects

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