Average S. Florida house dropped $4,100 a month for 2 yrs.
Housing Prices Drop By The Hour
cbs4.com
CORAL GABLES (CBS4) ? These numbers are sobering: If you are a homeowner reading this right now, when you wake up in the morning, the value of your house will have dropped about 45 dollars. And that's if you sleep just 8 hours.
If that isn't disturbing enough, wait until you see how much home prices have dropped in the past 2 years.
"I knew it was softening," said investor Philip Logue. " I just didn't realize how quickly, how fast the market was dropping."
When Logue put his Coral Gables house on the market, he thought for sure it would sell. He started at $650,000 in 2006. A couple of years later, and a $175,000 price drop. He's now renting the house out.
"I was really surprised," said Logue. " Especially at the end when we really dropped our pants down and I felt we were giving it away, and we still couldn't sell it."
Numbers out from housingtracker.com show Logue isn't alone. The average home value in South Florida has dropped $100,000 in just two years. That's roughly $4,100 a month, $136 a day, or $5.70 every hour |
