Florida market rebound far off

Home values in many of Florida's largest cities may continue to fall in 2011, despite years of declining real estate prices across the state, according to research conducted by Local Market Monitor (LMM) and published by Forbes.

LMM, a Cary, N.C.-based firm, provided Forbes with a list of the 10 best and 10 worst cities for home value trends in the upcoming year. Six of those cities were in Florida, with the ninth- and tenth-worst cities coming from the state's Gulf Coast.

Daytona Beach was given the dubious title of the likeliest place in the U.S. for home values to fall. LMM predicts an 11% decrease in home values for the area over the course of 2011, with values just returning to 2010 levels at the end of 2013.

Other Florida cities on the list included:

• #2, Lakeland: 7% projected decline in 2011;
• #3, Orlando: 6% projected decline;
• #6, Jacksonville: 6% projected decline;
• #7, Palm Bay-Melbourne-Titusville: 5% projected decline;
• #9, Cape Coral-Fort Myers: 4% projected decline;
• #10, Tampa-St. Petersburg: 4% projected decline.

The full story on LMM's research is available online.