Movie web is reporting that both the Hobbit and the sequel will be film back to back and they have a release sate of November 2012.

The Hobbit Sequel (2012)

The two “Hobbit” films – “The Hobbit” and its sequel – are scheduled to be shot simultaneously, with pre-production beginning as soon as possible. Principal photography is tentatively set for a 2009 start, with the intention of “The Hobbit” release slated for 2010 and its sequel the following year, in 2011. Peter Jackson and Fran Walsh will serve as Executive Producers of two films based on “The Hobbit.” More »