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8. Pensacola, FL
Pensacola
Home price forecast (1 year):* -13.6%
Home prices in this small Southern town tucked away in the Florida Panhandle have been more volatile than in neighboring cities in Alabama and Mississippi. Prices dropped 7.4% in Pensacola last year alone.

The economy, propped up by a strong military presence, has been stagnant, especially since the recession has taken a toll on tourism. The unemployment rate was 10.7% in December, and home prices are expected to fall even faster this year, down 13.6%.
Is this a good time to buy a home in Pensacola?
Population:
(2006)
439,987
Median family income:
(2008)
$55,900
Median home price:
(2009)
$155,000
Affordability index:
(Median home price/family income 2009)
2.8
Prices peaked in: 2006:Q2
Total climb during the boom:
(2000 to peak)
83.3%
Total decline so far:
(Peak through 2009)
-27.0%
One-year change:
(Q4 2008 to Q4 2009)
-7.4%
Additional price change to bottom: -17.5%
When they'll hit bottom: 2011:Q1
*(Q1 2010 - Q1 2011)
† Data is for Pensacola-Ferry Pass-Brent, FL Metropolitan Statistical Area
Notes:
Median home prices are for single-family homes through the third quarter of 2009, the most recent data available, and include sales of bank-owned properties.
Sources: Fiserv and Moody's Economy.com
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