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Are Recent Improvements in Home Sales and Median Prices Here to Stay?

Both on a national and local South Florida level, home sales have been improving and in some areas median prices have actually been increasing.¬† Although we have been seeing a trend in increasing sales and decreasing¬† inventories in Miami-Dade County, Moody’s Investor Services estimates there will be an additional 8% decrease in home prices in 2010 due to an increased number of foreclosures, short-sales, and deeds in lieu of foreclosure sales that will be coming on the market.¬† Moody’s estimates are based on loans that are currently in some form of modification process but that will not be eligible for permanent modification.