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"At least it’s not a double whammy where both sales and prices are dropping," said Stuart Hoffman, chief economist for PNC Financial Services Group. "Deals are getting. 44%; and in Florida, 36%.

Miami Condo Glut Pushes Florida’s Economy to Brink of Recession (Bloomberg. JPM): Many U.S. homeowners will have more problems as troubled loans reset at higher rates and it becomes more difficult.

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As foreclosures soared, South Florida housing prices fell an average of 36%. The foreclosure rate hit 8.9% in February, up from 3.8% a year ago, according to First American. insured FHA loans,

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