Miami and Orlando Top List for Greatest Housing Price Reductions

[FarCenter]

Miami and Orlando top the ZipRealty price reductions list for February. "Contrary to the national trend, sellers in Florida seem to be cutting their asking prices aggressively to attract buyer interest," stated ZipRealty CEO Pat Lashinsky. "First-time buyers looking to take advantage of the $8,000 tax credit, those looking for a second home and real estate investors are finding there are deals to be had in South Florida, Orlando and Jacksonville."

Florida has been topping other lists that reveal their ailing housing market. Florida also suffers from high foreclosure rates and low housing sales. The percentage price reduction amount to list price in Miami, Ft. Lauderdale and Palm Beach is currently 14.89 percent, the highest on the list. Sadly, Orlando is next on the list, with a price reduction rate of 13.16 percent.

The third city listed is Las Vegas, Nevada, another city and state that has suffered numerous blows to their housing market in terms of foreclosures and low sales. The Las Vegas price reduction amount is 12.05 percent. The market seemed to be on a slight upturn in last years final quarter but reports from January and February are consistently offering bad news.

<SNIP>http://www.huliq.com/9501/91868/miami-and-orlando-top-list-greatest-housing-price-reductions

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Or maybe realtors in those markets are estimating homes at too high prices in order to attract listings from sellers.

[SoCalDem]

1. 6% of a LOT, is always better than 6% of very little

:evilgrin:

and these days realtors actually are working harder than ever, because so many potential "sales" are tied up with short-sales & foreclosures, so it's probably to their advantage if the appraisers still appraise high...

[galileoreloaded]

2. A Florida land bubble/bust is where the LAST Great Depression started as well. n/t