The Real Deal Miami

Home prices lowest since crash

June 29, 2011 11:46AM

South Florida home prices reached their lowest point since the real
estate crash, according to the Standard & Poor’s/Case-Shiller price
index released yesterday. Prices for the tri-county area were down 6
percent in March 2011 from March 2010, and 51 percent since their peak in December
2006. “The rebound in prices seen in 2009 and 2010 was largely due to
the first-time home buyers tax credit,” said David Blitzer, chairman of
the index committee at S&P. “Excluding the results of that
policy, there has been no recovery or even stabilization in home prices
during or after the recent recession.” [Palm
Beach Post]