This article was originally published in August of 2011 and lists 10 housing markets in which the authors expect an additional 10% decline in home values in 2012. Three of these cities are in Florida. The characterists of the subject cities are as follows: median income no more than the national average and high unemployment. The article points out the connection between unemployment and home prices–when people in a city can not afford to buy homes demand must decrease along with price.
Subsequent reports indicate some good news in the housing market, but prices do continue to fall (the greater Miami are is an exception. See here.) However, even that report comes with qualifications. Such as, even though prices increased by 0.2% from November to December 2011 they are down 3.8% from the same month a year ago.
If you are stuck in an underwater mortgage and are facing foreclosure or considering strategic default, please give me a call so we can discuss how I can help.