MSN.com posted an interesting slide show of what $300,000 is buying across the country. Click the MSN link above to see. Since October 2005 values on existing houses have dropped 27% nationally. As a Florida Probate attorney I see how homes in Florida have dropped significantly more than that in the South Florida area. The article indicates that the new homes going for $300k are like what used to sell for around $500,000.
Fortunately as this article from DQ News reports the Broward County and Palm Beach County metro area has recently had a significant increase in the amount of sale activity that has occurred. However for a couple of years South Florida has been at the top of the list of areas which have plunged in values while at the top of the list for those who were foreclosing or behind on mortgages. Some properties have lost as much as two thirds of their value.