After the last 2 years we have seen a drop of over 41% of over all average sales price, We have seen inventories swell to over 6,000 single family homes in the Port St Lucie area from the average 2500 in the previous 5 years. If you read my last blog we were still far off from any perceived bottom and I suggested to dump property and rent for the next 1-2 years. I do think we are still going to see a decrease in prices here due mostly to inventory levels and the rampant investor speculation we had here in Port St Lucie. We would see a 10%-even 15% more drop but since I do know the future I would say by the end of this year or spring of 2009 we should know where we stand. I have seen more buyers come out to take advantage of the lower interest rates averaging 5.75 - 6.00 which is great if you can swing the taxes and insurance. The property tax portability that was passed will allow sellers to sell (at less than they hoped) and downsize and bring their tax assessment with them, this could help those that want to downsize but could not because the taxes would triple or more. A note on the tax problem, I have started Property Tax Reducers to aide property owners verify they are paying the correct tax from their tax assessment the county has assigned your property, for small one time fee we can evaluate your property and infom you if we can help lower your property tax. As far as the market, I would rent for 6 months and review unless you can grab a bank owned property or foreclosure at a discount. I valuate and sell bank owned property so please call if I can help in any way.