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Real Estate Guide 2007
Analysis by region
National statistics are meaningful, but in real estate "location, location, location" means local trends trump all.
Metro overview
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Miami
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You can't write about the housing market in Florida cities without mentioning insurance, with increases in premiums hampering the entire state, Yun says. East Coast hotspots Miami and Fort Lauderdale are among markets that are overvalued (home prices 71 percent higher than equilibrium) and facing a potential housing bubble, according to Local Market Monitor and John Burns Real Estate Consulting reports.
4th quarter 2006: $336,800
Median price 4th qtr 2005: $391,200
% change: -6.2%
Projected avg price end of 2007: $430,420
Current avg 30-year fixed rate: 5.72%
Current avg 5/1 ARM rate 5.53%
*Affordability rating: 8.6
Foreclosures in Jan. 2006:
(1 for every 519 households)
1,643
Foreclosures in Jan. 2007:
(1 for every 476 households)
1,791
Change in foreclosures: +9.01%
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Current rate comparison:
» Click here for state vs national rates
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Key market events
 
Key market map
Dec. '05: Median price $391,200
Jan. '06: 30-yr fixed rate at year's low 6.10%
June '06: National median home price $227,100
June '06: Fed makes last of 17 rate hikes
July '06: 30-yr fixed rate at year's high 6.80%
Dec. '06: Median price falls 6.2% to $366,800
Jan. '07: National median home price: $210,600
-- Posted: March 8, 2007




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Mortgages
Compare today's rates
NATIONAL OVERNIGHT AVERAGES
30 yr fixed mtg 4.12%
15 yr fixed mtg 3.14%
5/1 ARM 3.25%
Rates may include points
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