South Florida Real Estate Blog - Updates & Realty News

December 13th, 2009 11:26 PM

While the number of foreclosures may be starting to drop both locally and nationally, a new report says 2010 will bring another large drop in property value, especially in South Florida. Combining that with the likelihood many mortgages will become upside down as a result; and it looks like the foreclosure crisis may be far from over.

Moody's Economy.com chief economist Mark Zandi told CNNmoney.com home prices will fall between 5 and 10 percent more in some areas like Miami where Zandi expects home prices to plummet 30 percent in 2010.

Zandi estimated that 2.4 million homes will end up in foreclosure in 2010, according to CNN. As a result, banks will put those properties on the market aggressively in 2010 which will then result in a flood of inventory and a precipitous drop in prices.

In addition, Zandi said two other factors could drive prices down over the next year. Zandi pointed to high unemployment and the possibility of Congress deciding to pull their support from the market prematurely.

The area with one of the largest potential for decline is South Florida. Miami's market is expected to drop 33 percent in 2010, according to Zandi.

Source: CBS4.com

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Posted by Real Estate - Associates on December 13th, 2009 11:26 PMPost a Comment (0)
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