Although home prices in the 3rd Quarter are up (email me for the 3rd quarter market update), industry analysts are predicting declines in 2012. If you have been considering putting your house on the market now maybe the best time to do it. Analysts at JP Morgan Chase are anticipating more foreclosures will hit the market in 2012 and that will drive prices down another 6%-7%, making 2012 the rock bottom year in housing prices.
In addition, the state of Florida is considering expediting the foreclosure process. Legislators are considering proposals that would divert noncontested foreclosures from the courts, allowing banks to handle them in much the same way they repossess cars. If such a measure became law, it would likely affect houses entering foreclosure after June 2012. This means falling prices could continue into 2013.
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