If you are not convinced scan the headlines and peruse the stories at the housing crash blog located at patrick.net. That site aggregates news stories from a wide range of reputable sources.
Here are a few of the headlines that struck me as noteworthy:
- April Foreclosure Filings More Thank Double Over 2006
- Subprime Problems Trickle Up Food Chain
- Prices Fall in Rich New York Suburbs Once Immune to Slump
- Rental housing glut seen
- Realtors ignore 1989, pretend "first" national price decline
- Tip of the Iceberg on subprime loan debacle
- Perfect storm of debt in Florida
- Foreclosures through the roof in FL
- Owners who can't sell are driving down rents
According to Zillow.com, ("Zillow.com is an online real estate service dedicated to helping you get an edge in real estate by providing you with valuable tools and information") the market, based upon sale amounts, is dropping quicker in Key West than the rest of the US.
(click the above chart to see a larger view)Zillow's numbers are probably not completely accurate - since they are dealing with a somewhat limited data set. For historical reference, the following chart shows how Zillow records value trends for the 33040 zip code, the city of Key West, Monroe County, the state of Florida, and the United States. If this chart is accurate, Key West appreciated far ahead of the United States and Florida, and is now falling quicker than them.
(click the above chart to see larger view)