The Real Deal Miami

Half of SF sellers took loss in September

November 11, 2010 09:45AM

A home for sale in Fort Lauderdale

Around 45 percent of South Florida homes sold in the month of September
went for a loss, according to Seattle-based Zillow.com. The tri-county
area also has a 42 percent rate of underwater mortgages on those with
single-family homes, with both rates far above the national average.
Since peaking in the summer of 2006, home values in the region have
fallen 53 percent, with home values now at the same price levels of July
2002. “The faster the rise, the sharper the fall,” said Greg McBride, a
senior financial analyst with Bankrate.com in North Palm Beach. “We’re
still paying the price for the rapid run-up in home values earlier in
the decade.” [Sun
Sentinel]