The Real Deal Miami

Miami a leader in national price drop

October 03, 2008 02:22PM

Home prices dropped in 24 of 25 U.S.
metropolitan areas in July, led by declines in Las Vegas, where prices plunged 33 percent.
Prices in Miami slipped 24.1 percent from a year
earlier, which was the third highest rate of price declines on the list.  New York-based real estate data company Radar Logic
said in a report yesterday that foreclosed properties accounted for
about 21 percent of sales in July, up from 5.6 percent a year earlier. In Miami it was 14 percent, and in New York it was 3 percent, Radar Logic said.