Want to know about the real estate collapse, just ask pop star Beyoncé. The singer just sold her Miami South Beach condo for a paltry $110,000. According to a Miami Herald article (Beyoncé Takes a Bath on Beach Condo, Dec.15, 2011) she purchased the unit for $465,000 in 2002. The sale underscores the depth of the real estate price decline particularly in sunny locales like Florida, Nevada, Arizona and California.
Houses and Condos selling at a fraction of recent purchase prices is becoming a common phenomenon across the nation. From being “your greatest asset” homes have become the “biggest liability” for millions. This turnaround has toppled net worth figures and jeopardized the financial futures of many families.
