The Real Deal Miami

Lost decade for South Florida real estate

September 21, 2009 08:53AM

The median price of a house in at least nine South Florida zip codes has dropped to the level it was in 1999, according to a new report. The median price of a single-family home in Deerfield Beach, Hallandale Beach and seven other Broward and Palm Beach county zip codes was lower in July this year than in July 1999, according to an analysis by MDA DataQuick, a San Diego-based research firm. The damage was as steep as 40 percent declines in the worst hit communities. Housing analyst Brad Hunter said high proportions of subprime loans and subsequent defaults likely pushed values down as foreclosures mounted.