Central Florida House Values Keep Sinking

Home owners in Central Florida are wondering if we have hit bottom yet. The latest data from Zillow show that first quarters year over year shows an average drop for Central Florida at 19%. This calculation shows a huge market adjustment for the local housing market around Orlando. For the first quarter of 2008 home values have dropped 6.9% in the Orlando market compared with 1.6% nationwide.While this news is alarming to Sellers and Buyers in the area, the big question is are we near or at the bottom of this correction? With foreclosures expected to peak in late spring/ early summer the hope is that as these foreclosures work through the market, home prices will begin to stabilize and begin a slow increase. When or how this will happen is the million dollar answer.  Every day new data hits the market and the interpretation of the data varies based on who you talk to. Real Estate is no different than any type of market, it goes up and down.  We will see our market rebound but it make take longer than anticipated. Where are Home Values Dropping          Area                                 Median Value                12 month Change1.      Celebration                  $257,682                                -26.4%2.      Kissimmee                   $180,115                                 -22.5% 3.      St. Cloud                      $185,000                                 -13.8%4.      Maitland                     $259,435                                 -16.4%5.      Windermere               $477,811                                 -19.5%6.      Orlando                       $198,975                                 -17.6%7.      Winter Park                 $220,632                                 -16.0%8.      Winter Springs            $229,371                                 -15.3%