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WEG CEO Quoted in Miami Herald on Real Estate Issues
September 12, 2007 -
Housing Expenses Eating up Incomes
By Evan S. Benn, Niala Boodhoo and Rob Barry
Tony Villamil, CEO of The Washington Economics Group based on Coral Gables was interviewed by Evan Benn, a Miami Herald Reporter, for his analysis on Census figures showing that about 25 percent of Miami-Dade homeowners are spending at least half of their income on mortgage payments.
Villamil stated that he is not surprised by the findings. According to him “We are in area where housing prices need to stabilize and come down moderately so incomes can catch up with the prices of homes,” Villamil said. South Floridians should be spending about 28 percent to 30 percent of their household income on housing costs – not 50 percent or more.”
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