House Prices Double Dip Decline in Coral Gables

The recent S&P Case-Shiller Home Price Indices show a pronounced double dip in house prices throughout the country.  Coral Gables will face another year of declining property values.  The pressure to increase taxes again will be enormous.

Data through December 2010, released today by Standard & Poor’s for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, show that the U.S. National Home Price Index declined by 3.9% during the fourth quarter of 2010. The National Index is down 4.1% versus the fourth quarter of 2009, which is the lowest annual growth rate since the third quarter of 2009, when prices were falling at an 8.6% annual rate. As of December 2010, 18 of the 20 MSAs covered by S&P/Case-Shiller Home Price Indices and both monthly composites were down compared to December 2009. (Source:  S&P Press Release, Feb. 22)

Question For Candidates

Since house prices continue a double dip decline in Miami, do you favor property tax increases for Coral Gables in light of  declining property values for the city?

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

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