Miami
about 50 percent and the median price
has fallen by more than 25 percent. Construction in new residential neighborhoods
around the city has slowed or has come to a
halt. And to top it off, Miami’s foreclosure
rate is among the highest in the country.
This past July, the city’s foreclosure
rate was 5. 9 percent, according to First
American CoreLogic, up from 1.6 percent in July 2007, with more than 24,000
homes in some stage of foreclosure.
Help could be on the way, though.
Miami is set to receive $12 million in
federal housing funds to help address
foreclosures. With these funds, the city
intends to help low-income homebuyers
buy foreclosed-upon homes, to purchase
and rehabilitate abandoned homes, and to
give rental assistance to low-income residents. These efforts may help alleviate the
strain these foreclosures have put on Miami’s housing market.
— Ivanna C. Sukkar
What the Locals Say
“The market will be unstable
in the near term because nobody knows what the true
value will be. We saw flat
housing prices for many, many
years; then they just spiked. Now, nobody
wants to buy. Why should they overpay?”
— Jim Fried, president,
Freedom Real Estate
What We Said
“Miami isn’t slowing down. The city is
planning about $29 billion in housing construction — including the 376 residential
projects planned, in progress or recently
finished in the city.” — July 2006
What Happened
Homeowner-vacancy rate: 6. 5 percent
■ Vacancy rate in 2005: 2.3 percent
■ U.S.: 2.7 percent
Well, Miami’s housing market has slowed
down. Since 2006, home sales are down
Seattle
What We Said
“With a vibrant cultural scene, a growing
economy and jobs that pay above the U.S.
average, Seattle is forecasted to see a burgeoning population in coming years. …
Bankrate.com named Seattle as one of the
top 10 U. S. cities in which home prices and
values are expected to remain strong.”
— June 2006
Wholesale FHA & VA Loans Across The Nation
What Happened
Median-home-price change, July 2007-’08:
- 3. 5 percent
■ U.S.: - 6.07 percent
Like Seattle’s weather, the city’s housing market is equal parts gloomy and temperate.
Home sales in the city slipped 33. 9 percent between July 2007 and July ’08, and
home prices are also down 3. 5 percent
since 2007.
On the other hand, Seattle took its
sweet time in feeling the housing scourge.
Since 2006, its median home price actually
has increased by 8. 6 percent, compared
to the U.S. average of - 3.1 percent in that
time. And it’s still attracting residents: In
2007, 594,210 people called Seattle home,
up from 557,046 in 2006.
But keep a hand on your umbrella: Recent shakeups at some of the Seattle area’s
largest employers — Weyerhauser, Star-bucks, WaMu and Boeing — could affect
the Emerald City’s sunny economic status.
— Jennifer Landree
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svargem@trustone.com
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AK, AZ, CA, CO, CT, FL, GA, HI, ID, IN, MD, MI, MO, NM, NV, OK, OR, UT, VA, WA, WY
What the Locals Say
“Employment for the information-technology sectors
has kept the market in pretty
good shape, and I think we
have been relatively insulated
from the downward trends in terms of
employment, job growth and the general
housing markets. The micro-economy has
been doing pretty well.”
— Craig Grella, owner,
Cornerstone Funding Services
