The real estate boom in the United States over the past few years was felt extremely in South Florida. The market exploded there with the turn of the millennium, and some areas shot up in value from 200 to 250 percent. The boom not only shifted the values of the homes up, but also allowed the economic platform in the area to change with it, including new businesses opening up, which opened up new job opportunities, which subsequently allowed more money to be made.

But now that the boom has ended, and the sales are slowing down in the area, along with the tapering off of rising housing prices, where does that leave South Florida in the way of not only the real estate market, but the economy as a whole? Turnaround on houses that used to take a week now are sitting for months unsold.

As many different areas around the United States have gone through, there has been an amount of over construction in the South Florida area. This has led to a greater supply over the demand, and this may cause some bankruptcies with home builders who cannot sell what they have built, and even some banks around the area.

Even in the downturn of the real estate market, speculators are hopeful that they can score some good housing bargains on properties, and are securing funds to do just that. However, these investors are staying away from areas like downtown Miami because of the abundance of investors in that area. Over the next year or so, as the market corrects itself and begins a normal pace, we will see just how the market affects the area of South Florida economically.