The Real Deal Miami

Miami house prices dip to affordability

February 09, 2009 09:45AM

Foreclosed properties in Miami-Dade County are starting to sell, and the prices are a far cry from the inflated prices in the area at the height of the real estate bubble. Average prices have slipped an average of 43 percent, and thousands of homes are listed for less than $150,000 — even less than $100,000 — putting them snugly within the affordability range of police officers, teachers and others long priced out of the South Florida market. Despite low prices, more stringent lending requirements and demands for 20 percent down payments make actual purchases a bit more difficult, market watchers said.