Miami prices fall for eighth straight month

Home prices in the Miami-Miami Beach-Kendall metropolitan area fell for
the eight straight month, according to a report from CoreLogic. Prices in
the area fell by 12.79 percent in March compared to the same period in
2010. Nationally, home prices fell by 7.5 percent in March. According to
Mark Fleming, chief economist with CoreLogic, an improvement in sales
numbers in 2010 came as a result of the federal homebuyer tax credit,
and without that credit, prices continued to decline. The tax credit was
something of an artificial support, he said. “As we move further away
from that support, we will see a leveling of prices and eventually
organic improvements in the market,” he said. TRD