price trends in miami are irrelevant -- it just means higher priced homes are being sold for half their purchase value. ie, a home that sold for $600k is now a short sell by the bank at $300K pushing up the avg price. This takes the houses being offered at $300K and drives those down even further which will cause a cyclical effect. Further a lot of these buyers are paying cash, not getting loans.
Banks aren't giving loans.
The trends you see are PRIOR to the debacle by congress and the senate and the credit rating getting lowered.
There are less homes on the market:
Most are in the long deep process (abyss) of home owners staying in homes for up to two years without paying their mortgages while the courts and banks keep pushing the process out.
Most people are not out looking to buy a house now... they're scared of getting crushed. The only ones buying are investors looking for a steal. I told this board over a year ago the market wouldn't see any REAL turn around until 2012. If we truly hit another recession, it may never happen.
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