Fall of PB home values slowing

Palm Beach County’s reduction
in real estate values is slowing from a free-fall to a gradual
downturn, according to Palm Beach County property appraiser Gary
Nikolits. The decline next year will be about half of this year’s 12.5
percent fall, he said. In 2010, the market value of Palm Beach County’s
628,000 properties fell to $157.4 billion from $179.9 billion in 2009, down from
a peak of $233 billion in 2006. “We have pretty much hit the bottom of
the market in many areas of the county,” Nikolits said yesterday during a
speech to members of the Economic Forum of Palm Beach County. [Palm
Beach Post]