South Florida Prices Plummet Amidst Wall Street, TARP Difficulties

Wall Street’s implosion coupled with the inability of the U.S. Treasury Department’s Troubled Assets Relief Program (TARP) to restore credit to the financial markets appears to have triggered a dramatic drop in South Florida residential real estate pricing in October, according to a new report from Condo Vultures® LLC.

Prices in the Vultures Database™ of distressed coastal South Florida properties plummeted by -3 percentage points in October, freefalling to an average discount of -36 percent. In the preceding months, the average discounts were -33 percent in September and -32 percent in August, according to the Bal Harbour, Fla.-based consultancy that produced the rep

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