Miami mayor calls housing crash a perfect storm

Mayor Manny Diaz said the timing and combined intensity of oversupply, fraud, speculation and tight credit made Miami’s housing woes as dire as possible. He believes it will take at least two years to work through the oversupply, which was obvious to builders even as a construction boom swept the city from 2000 to 2005. At one point, the city of about 400,000 people had more than 60,000 condo units at some stage of planning or construction.