Tampa Bay area home prices have taken a time machine back to November 2003, according to the latest S&P/Case-Shiller Home Price Index. The well-regarded index of 20 major U.S. cities shows home values in February had retreated 39 percent since the July 2006 peak. Year over year, prices in Pinellas, Pasco, Hillsborough and Hernando counties have fallen 23 percent. Expect more devaluation as foreclosures steer the market. As economist Joshua Shapiro told the Wall Street Journal: "We continue to believe that it is unlikely that we are anywhere near a bottom in nationwide home prices." As has been the case for at least a year, western markets such as San Diego, San Francisco, Las Vegas and Phoenix have suffered the biggest price drops.