Have home prices for South Florida property such as Miami Beach homes bottomed out?  Some people seem to think so but that may not necessarily be the case, at least not if we go by what the latest market data turns up.

Almost half of the homes sold within South Florida during December of last year were sold at a loss, a four percent increase from the numbers posted during the same time in 2008.  These numbers also mean that there are a larger number of people owning Miami Beach homes who may be facing negative equity.  That is, owing more than what their homes are actually worth.  Despite the upsetting news, there is a silver lining when it comes to these sobering numbers.

January marked the first time that foreclosures dropped in South Florida, by more than six percent in fact.  Because foreclosures tend to be among the primary factors that drive down prices, it does signal a small taste of good things to come in the future for Miami Beach homes.  We’re still “weathering the storm” but small glimmers of that recovery are peeking out here and there.