Here's the prediction for the average home price in Florida, during the boom and beyond, from Moody's Analytics. It'll get any homeowner's heart pounding.
Moody Analytics is forecasting an astounding drop, from peak to trough, that is not yet over. That’s from the height of the real estate boom to the bottom, which is still six months away.
For Florida, home prices will fall 52.4 percent from the second quarter of 2006 through the second quarter of 2012. The drubbing won't be over until next summer.
In the U.S., the peak-to-trough ride is a little shorter and somewhat less rough. Moody's Analytics says it will be a 33.75 percent drop from the first quarter of 2006 (the nation peaked earlier than Florida) to the second quarter of 2012.
Home prices nationwide had never, since the Great Depression, fallen on a year-over-year basis.
Now, we’re heading into the sixth year of falling prices.