Money and Markets in the News
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06-26-08
South Florida housing market mired in nation’s economic troubles
South Florida’s prolonged housing slump meandered into May, with prices and sales of existing homes falling from a year ago.
Adding to the misery is a recent dose of gloomy economic news, coupled with rising mortgage rates, that could deepen the housing downturn through the second half of 2008.
Broward County’s median price last month was $296,800, down 19 percent from $367,700 in May 2007, the Florida Association of Realtors said Thursday. The county had 530 homes change hands, off 8 percent from 574 a year ago.
Despite the year-over-year decline, sales have increased in each month since January, leading some analysts to suggest that sales already have hit bottom. But that optimistic outlook may be premature.
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