The Real Deal Miami

SoFla housing bottom to hit in 2012?

May 11, 2011 02:34PM

A new report estimates that the bottom of the housing market is coming by the end of 2012 for Broward and Palm Beach counties, according to the Sun Sentinel. The report, by financial services firm Fiserv, says single-family home prices will drop by another 14 percent by the end of this year. In Broward, 2012 will bring another 8 percent decline before the market flattens, while Palm Beach County’s prices are actually expected to increase by 3 percent by the end of 2012 after hitting bottom in the first quarter of the year. The Florida Realtors trade organization has said median prices in Broward County have already increased, but Fiserv said that’s likely only temporary since distressed inventory will drag prices down again. Of course, the predictions come with “quite a bit of uncertainty,” said David Stiff, chief economist for Fiserv. Last year, the firm was also predicting a housing market bottom in Broward County during the fourth quarter of 2012, but it’s Palm Beach County forecast was off by three months from this year’s forecast. [Sun Sentinel]