Wednesday, August 29, 2007

Over-valued real estate #16 - Miami

The real estate market in Miami is out of control. After many years of stable, if modest appreciation, prices went off like a rocket. The market is now 103 percent above its long run trend.

Miami is no stranger to real estate bubbles. It suffered from a particular devastating one in 1926. However, memories are short, and a forgotten lesson often needs to be repeated. So 80 years after the last crash, Miami is back in the class room........

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