Miami homes react to the House

Downtown Miami

TEXT OF STORY

Scott Jagow: The defeat in the House means no immediate relief for the housing industry. Dan Grech continues our coverage of the financial crisis with this report from Miami.


Dan Grech: Just minutes after the bailout was voted down in Congress, Miami realtor Chris Vane got an e-mail from a prospective homebuyer.

Chris Vane: He said, "Any price breaks?" Hahaha -- cause he's assuming things are going to start to crash now.

That's nervous laughter.

Vane: I think people are a little shocked right now that there was no bailout, and honestly I'm not sure what's going to happen.

Albert Marques is one of those people in shock. He owns a condo in Miami Lakes and has seen its value plummet. But with the Dow tanking, he's also watched his 401(k) bleed.

Albert Marques: I'm more concerned about my retirement fund and the economy in general than the impact on my housing price.

Marques says he hates the idea of bailing out Wall Street. He's just not sure we can afford not to.

In Miami, I'm Dan Grech for Marketplace.

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