Tampa Bay area home prices have shed 40.6 percent of their value in 3 years and have sunk to levels not seen since August 2003, according to the latest S&P/Case-Shiller home price index.

Despite some positive spin from some national news services, it's hard to spot any hopeful signs in the numbers. Tampa housing values plunged 22.4 percent from March 2008 to March 2009. Our decline was seventh worst on the 20-city index.

As you can see if you click on the link above, our month-to-month home value decline is holding steady at about 2.7 percent. Foreclosures are heavily to blame.

The usual suspects - Phoenix, Las Vegas and Miami - surpassed us in home price decline. But in what I consider a worrying trend, the Minneapolis housing market moved into the danger zone, shedding 23.3 percent of its value the past year. Less surprising was auto graveyard Detroit's 25.7 percent decline.

Case-Shiller releases its numbers a month later than does the National Association of Realtors. Realtors' April housing report is due tomorrow.