The Real Deal Miami

Bailout won’t move SF prices

September 09, 2008 09:41AM

The government took over mortgage giants Fannie Mae and Freddie Mac, which boosted stocks, but won’t do much for regional and national home prices. Skeptics don’t expect much connection between Sunday’s move and home prices in Palm Beach County and the Treasure Coast. Jack McCabe, a housing analyst in Deerfield Beach, said the bailout won’t create a market bottom, nor will it reduce the huge number of homes for sale. After soaring more than 30 percent a year during the housing boom, the median price of a single-family home in Palm Beach County has plunged more than 30 percent from November 2005 to July 2008, according to the Florida Association of Realtors.