Pricing for many of the homes in the highest foreclosure states are expected to continue to go down. Due to some of the valuable properties that are being auctioned, many potential buyers are searching for a good buy and fight for the home that they want. They may end up paying more than they anticipated since there are a number of buyers that are interested in the same property. Since this is happening many prices are expected to still go down and haven’t bottomed out just yet.

In order to determine the housing markets that have reached bottom there are several factors to look at. First is the unemployment rate, the area’s spending power, and housing and credit availability in the past several years. This will help determine if prices of homes are still going down and how much longer it may be. However, these are all guesstimations.

Orlando, Florida have home prices that are falling the fastest. The average home goes for more than $175,000 while the unemployment rate stands at almost 10 percent and the average income stands at a little more than $36,000 a year. Tampa, Jacksonville, and Miami are all experiencing fast paced falling home prices as well. In Miami the average home goes for more than $234,000 while the unemployment rate is a bit more than 8 percent. The average income is almost $40,000 a year. In Tampa the average price for a home is nearly $152,000 and the average income is a little more than $37,000 with an unemployment rate of 10 percent. In Jacksonville, the unemployment rate is almost at 10 percent with the average home price reaching more than $160,000 and the annual income at more than $37,000. Then Los Angeles, California ranks number five in areas with the fastest falling housing prices. The unemployment rate is a little more than 10 percent with the average income standing at more than $45,000 and the average home price stands at more than $354,000.