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Exterior of the House of Campari New York, 2006
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MIAMI MAYHEM


Dec. 3, 2007

Miami is ground zero of the imploding U.S. mortgage market, matching both Detroit and San Diego for the steepest decline in housing values. Local government in Miami is looking at a loss of $836 million in annual property tax revenues -- and is counting on "art tourism" to make up some of the slack.

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