10. Fort Lauderdale, FL

> Expected price drop: -11.1%
> Median family income: $58,800 (194th highest)
> Unemployment rate: 11.8%
> Median home price: $196,000 (55th highest)
> Projected to hit lowest level: Q2 2013

 

Since 2006, home prices in Fort Lauderdale have dropped by nearly 50%. A full 28% of that drop occurred in 2009 alone. As was the case throughout most of Florida, the collapse of the housing bubble decimated the construction-based economy. The unemployment rate of nearly 12% is evident of the construction sector’s disastrous decline. The value of the 686,000 homes in the Fort Lauderdale area is expected to get even worse through at least the second quarter of 2013. Between Q1 2011 and Q1 2012, the median home price is projected to decline an additional 11.1%. Between 2012 and 2013, that number will further decrease by 8.7%.

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