AgentMarkets & Economy

Miami housing market still has a little more work to do to fully rebound

Most news is good, but there is a way to go to complete recovery
  • The Florida housing market, one of the hardest hit, continues to recover, but with several indicators still lagging.
  • Delinquency rates and negative equity still remain high in some places in Florida.
  • Prices still have not completely recovered.

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The Sunshine State was one of the hardest hit by the burst of the housing bubble. While, like many other states, the recovery is well on its way, the state still lags in several important indicators. And others that bear watching. Partially because of interest by foreign buyers, the Miami market is rallying. Buyers from Central and South America and China are making waves in both single- and multi-family purchases. According to recent CoreLogic data about the state, mortgage loans in delinquency continue to fall, and right along with that, negative equity continues to calm.   Delinquency rates, though, still gain attention. From 2009 to 2013, Florida’s average serious delinquency rate was 16.2 percent. The state received more than $1 billion to help speed the recovery, but the state officials have been widely criticized for its inefficient use: it is reported that only half of Florida's funds have been used. The funds were from the Hardest Hit Funds allocation po...