Survey predicts South Florida price drops will be worst in the nation

Miami will be the worst-hit market for falling property prices in the country, according to a report by Fiserv, a financial information and analysis firm. Declines in single-family home prices here are forecast at 29.9 percent by June 2010, the biggest tumble of all 381 metro areas surveyed in the report. Orlando fared second worst, with values shrinking 27 percent, the report said. Prices are forecast to fall another 26 percent in Fort Lauderdale. Nationwide, Fiserv predicts home values will slide 11.3 percent. It’s the worst view of the Miami market to come out in some time, as recent Case-Shiller surveys have shown prices were stabilizing. [Miami Herald]