Hard to find worse housing news for South Florida and Coral Gables

I wonder what will happen to Coral Gables’ property values this year.  Won’t there be enormous pressures on the city of Coral Gables to raise tax rates yet again.

Dear candidates for commissioner and mayor: This is your real life challenge,  not Miracle Mile, parks, trolleys or public security.

Zillow found that 46.3 percent of all South Florida homes sold in January sold for a loss, down from 49.2 percent during the previous January.

South Florida home values have fallen 54.8 percent since their peak in June 2006. Nationwide, home values have fallen 28.2 percent since the peak.

Nearly 43 percent of all single-family homes in South Florida with a mortgage were underwater in the fourth quarter. Nationwide, 27 percent of homeowners owed more than what their home is worth.

via Zillow: S. Fla. home values down in January | South Florida Business Journal.

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

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