A study indicates that the Miami housing market is one of the most overheated housing markets in the country.
"A new study lists the Miami area as one of the most overheated housing markets in the country, with homes selling for 30 percent above what the economy should support. Since 1997, housing prices have risen 50 percent in Miami-Dade County and 68 percent in Broward. But those gains have mostly left economic fundamentals behind, according to the study by Fidelity National Information Solutions....Developers, real estate brokers and some analysts say South Florida's dwindling land supply and popularity with out-of-town buyers will continue to generate steady growth in prices, even if the national housing market falters. And they predict the region's greatest asset -- its weather -- will continue drawing new residents."
Thanks to Connie Chung
FULL STORY: Study: Miami market overheated
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Economic & Planning Systems, Inc.
UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research