City-by-city price comps
Two years' worth of supply is putting pressure on prices, which are declining. Fort Lauderdale has the sixth highest number of foreclosures in the nation, and Miami isn't far behind, at No. 8, according to RealtyTrac. In Miami's condo market, high homeowner association fees are increasing the monthly payment and discouraging buyers, says Chris Porter with John Burns Real Estate Consulting. And it's one of Local Market Monitor's most overpriced markets, with a 51-percent difference between actual prices and equilibrium.
Fort Lauderdale/Miami, Fla.
|Median price end of 2008:||$234,200|
|Median price end of 2007:||$345,900|
|Projected change through Q3 2009:||-35.1% (Fort Lauderdale),
|Affordability rating:||2.2 (Fort Lauderdale), 3.7 (Miami)|
|Foreclosures in 2008:
(one for every 17 households in Fort Lauderdale)
(one for every 19 households in Miami)
|Foreclosures in 2007:
(one for every 38 households in Fort Lauderdale)
(one for every 37 households in Miami)
|Change in foreclosures:||127.8% (Fort Lauderdale),
|Expected to hit bottom:||Q4 2010 (Fort Lauderdale)
Q2 2011 (Miami)
|Percent drop needed to reach bottom:||-64.4% (Fort Lauderdale),
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