Thanks for your question,
Panama City Beach is fortunate to have some growth demands that will be brought on by the soon completed airport (which I might add is the first regional airport built in 20 years!, which is such a plus for a resort area like ours). This should bring in more businesses and employment opportunities and growth for our community (and demand for housing). The beach still continues to see growth and expansion with Pier Park, even in a hard hit economy. It is my opinion that we should see a comeback sooner than other areas of Florida.
I've heard everything from one year to five years, and every persons response as to why they think that way, every expert has their own opinion. My personal opinion is that it won't be until after the election, and the new people make some changes and something gets resolved with IRAQ.
If you are thinking of moving and worried about the drop in your house value - remember that you'll make it up when you buy your next house.
Once prices stabilize or start going up, you'll get more for your house, but you'll also pay more for your next one, so all things being equal, you'd still be in the same position unless you are moving to an area where the housing market is hot.
It's going to be a journey for all of us... Good luck to you.