Just a suggestion--if you're going to ask whether or not the housing market in south Florida has hit rock bottom, you might want to ask someone other than the people with an interest in saying it has. I mean, what else do you expect realtors to say? They were saying the market had bottomed out 18 months ago. The reality?
NBC 6 found that overall sales prices have only dropped about 10 percent since the market's peak in summer 2005. The median prices for homes then was $339,000; in 2008 it is $294,000. For condos, the median price was $220,000 in summer 2005, and that has dropped to $205,000.The reality is that prices haven't fallen nearly enough for this market, especially when you factor in the pullbacks in employment. I've said it more than once--the housing market will come back when some combination of income increases and price drops make it reasonable for working and middle-class families to own again. We're not there yet.
Here's this week's Random Ten. Set your iTunes to party shuffle and post the next ten songs that pop up. Here we go.
1. Cannonball--The BreedersWhat are you listening to this fine Fraiday?
3. I Walk Alone--Big Smith
4. Let Me Clear My Throat--DJ Kool
5. She Came In Through the Bathroom Window
6. Daughter--Pearl Jam
7. Description of a Fool--A Tribe Called Quest
8. She'll Come Back To Me
9. Hombre Secreto--The Plugz
10. Pork and Beef--The Coup