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Lagging home prices expected to continue for South Florida through 2012

South Florida home prices should hit bottom in 2012.

South Florida home prices should hit bottom in 2012.

Given the uncertainty of the job market and several looming foreclosures yet to take place, real estate experts believe home prices in South Florida will hit bottom in 2012, according to the South Florida Sun Sentinel.

The newspaper, citing new housing statistics from Moody's, a real estate data provider, prices for existing homes in Broward County are projected to fall 16 percent and home prices in Palm Beach County will slide 11 percent in 2011, and both are expected to maintain those bottomed-out prices in 2012.

According to the report, while other sectors of real estate also are expected to remain weak next year, though many believe condominium pricing along the coast may start to rebound.

Lewis Goodkin, a housing consultant in Miami, told the Sun Sentinel that, if lucky, South Florida home sales will "start seeing a recovery in the second half of 2012."

According to the Florida Realtors Media Center, Florida's median existing-home sales price in November was $132,700, while in November 2009, the median price was $139,300, a decrease of 5 percent. Florida's existing condo median sales price in November was $88,200, a 16 percent decrease from November 2009, when the median price was $104,500.