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Case-Shiller: Tampa home price drop second-biggest among major metros

Another day, another disappointing snapshot of Tampa Bay's housing market.

Tampa home prices have dropped 4.1 percent over the past year, the second-biggest drop among 20 markets tracked in the S&P Case-Shiller Home Price Indices released Tuesday.

The best-performing cities year over year were San Francisco and San Diego, where prices rose 7.8 and 6.9 percent, respectively. Las Vegas posted the biggest drop, down 4.5 percent over the year.

The index, tied to pricing levels as of August, is often viewed as one of the more accurate market indicators since it tracks repeat sales of individual homes.

Fifteen of the 20 markets posted monthly price drops. Prices were still up 1.7 percent compared to a year ago, but average prices were down 0.2 percent from July to August.

David Blitzer, chairman of the Index Committee at Standard & Poor's, called the report disappointing.

Seventeen of the 20 cities showed weakened prices year over year "indicating that the housing market continues to bounce along the recent lows," Blitzer said. "At this time, it does not appear that any of the markets are hanging on to the temporary momentum caused by home buyers' tax credits."

The federal tax incentives, which provided a temporary boost in home sales, expired in April.

Tampa Bay has been fighting a slowdown ever since.

From July to August, bay area home prices fell 0.5 percent, according to the Case-Shiller index, on top of a pricing drop of 0.2 percent the month before that.

The Case-Shiller report comes a day after a report from the Florida Realtors showed disappointing Florida and Tampa Bay area home sales for September.

Bay area home sales were down 16 percent compared to a year ago and off 4 percent in just one month. In contrast, homes sales nationally jumped 10 percent in September, the second monthly increase in a row and the biggest monthly gain in 28 years.

But there are widespread expectations that even the national picture will be tempered in coming months as foreclosure cases continue to clog the market.

Case-Shiller: Tampa home price drop second-biggest among major metros 10/26/10 [Last modified: Tuesday, October 26, 2010 9:50pm]
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