Not So Sunny In South Florida Real Estate Market

The Miami real estate market isn't getting better as many thought it would this year. In fact, it's getting worse writes BizJournals. The average Miami-Fort Lauderdale home lost 15.2% year-over-year, and 6.6% quarter-over-quarter, according to the newest Zillow Home Value Index. The average house is now worth $146,500 more than a 50% loss since the peak of the housing market. Negative equity is also a major issue in this market, as 44% of homes were underwater in the second quarter. “As the national housing market limps toward stabilization, individual markets are a mixed bag,” Zillow Chief Economist Stan Humphries said in a news release. “High supply continues to be a challenge in states like Florida and Arizona.”