Weathering the Storm

TAMPA/ Fox News - Kit Robertson is sprucing up his Tampa home, and there's a $325,000 reason for it. He's hoping is he can sell it early next year.
"We actually own this out right, so we can weather through the storm. But some people will be forced into short sales and foreclosures," Robertson said.
But Kit may have a tough time getting top dollar for his water front home. In fact, Tampa along with four other cities, saw a fourth straight month of decline in home prices. And bankruptcy attorney Scott Rosin says, sadly we haven't seen the bottom yet.
"It's not good. It's not good at all. It affects everyone, everywhere," Rosin said.
Market analysts say 2010 is on pace to finish as the worst for home sales in more than a decade.
A high unemployment rate coupled with a lack of credit have really prevented people from buying homes.
And with foreclosures and short sales expected to remain high in 2011, the market will suffer even more.
"The market, like I said, is so flooded with foreclosures and these homes for sale that it’s very difficult to sell your home at a good price. It's a buyer’s market right now. If you have the money it's a great time to buy a house," Rosin said.
And if you're a seller, the real estate forecast isn't much better for the next the six months.
Experts say home prices will likely drop another 5 to 10 percent. But Kit is banking on snow birds whose love of sunshine will have them digging deeper in their pockets.
"Our baby boomers are getting older, and many have cash in their pockets, and Florida is an excellent place to be where it’s nice and warm and good place to live," Robertson said.