Seller's agent dropped the ball.

There is a home I am looking at that was listed on 1/24/17 for $128,000 then price dropped by 8% on 2/24/17 to bring it to $117,760.Question 1 - Are price drops typically done monthly? 

Noticed some of the more expensive (800k+) stuff in West palm has dropped over the last couple years.  

Even a great property in a great market can turn into a terrible investment if the people you trust to manage it drop the ball. 

If you are worried about when "The other shoe will drop" don't do the deal.

The investigators at the real estate commissions have limited resources so put the people filing claims through hoops to try and  make sure it's not an angry buyer or seller in the moment trying to get back at someone with no merit.After the investigator looks into it if there is no basis for findings they will usually drop the case and close it out.You might could try the legal route in court instead but again if you signed a contract it is what it is.NO legal advice given.

It's cheaper than going FHA for sure with MI automatically dropping at 20% equity and no upfront MI cost.

If those returns rise, you may see money leave the real estate sector and with less competition, prices drop and effectively increase cap rates.

Is that a good rate or should I wait it out and see if it drops?

Unfortunately many times they still come back and say I paid below market value for the property and they won't drop the evaluation to the sales price but it is worth a try.