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Hernando, West Pasco suburbs saw home values plunge, Zillow reports

Several relatively hard-to-reach suburbs north of Tampa took it hard on the latest home price report from Zillow.com.

The national real estate company said average Tampa Bay home values declined 21.6 percent in the year ending June 30, but places like Brooksville, North Weeki Wachee and Port Richey suffered much-higher-than-average plunges. Brooksville's drop was more than 40 percent, the steepest of any bay area community.

On the other hand, Lutz and Apollo Beach in Hillsborough County, Dade City in Pasco County and Belleair and East Lake in Pinellas County avoided the worst depreciation, down as little as 8 percent.

Housing boom hot spots like Wesley Chapel, Zephyrhills, Brandon and Land O'Lakes neither underperformed nor overperformed. The same held true for St. Petersburg and Clearwater, where prices fell at an average pace.

Zillow estimates that the average Tampa Bay home is worth about $125,400, 42 percent below the peak price of $215,100 in mid 2006.

Hernando, West Pasco suburbs saw home values plunge, Zillow reports 08/11/09 [Last modified: Tuesday, August 11, 2009 5:23pm]
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