So how long can this housing slump last, you ask? Well, according to experts, don't start holding your breath just yet. There are some indications that the current housing crisis is far from over with housing prices in many parts of Florida and the rest of the country possibly falling further still.

A financial analysis company called Fiserv estimates that average home values will decline by approximately 3.6 percent by June of 2012. Home prices would then stand at approximately 35 percent lower than they were at their highest in the first few months of 2006, right before the housing bubble burst.

The ongoing high unemployment rates as well as the next wave of home foreclosures are expected to contribute to this decline in home prices, Fiserv reported.

Home prices already fell to 31 percent lower than their 2006 high in 2009. Government actions, such as the creation of the tax credit incentive for first-time home buyers helped combat this, causing home prices rise again in the middle of 2010. However, the tax credit eventually expired any relief subsided.

In the winter of 2010-11, prices again fell to approximately 33 percent below 2006 home values. This rapid decline halted momentarily because of a slowdown in the processing of many foreclosures due to the "robo-signing" scandal, where many lenders were accused of fraudulently filing foreclosures at extremely high rates.

But with that scandal largely over, foreclosures are again speeding up, and will likely depress home prices again as thousands of foreclosed homes flood the market, experts predict. This quarter has seen the first reported increase in foreclosure rates in three quarters.

Default notices sent to homeowners by mortgage lenders, a necessary first step in the foreclosure process, were up a disturbing 14 percent last quarter. Now is the time to get help if you think that you could lose your home to foreclosure. You do have options available.

Source: CNN Money, "Home prices heading for triple-dip," Les Christie, Oct. 31, 2011.