If you bought took out a mortgage in the Tampa Bay area in 2006, there's an 80 percent chance you owe more than your home is worth. Your chances of being under water on your home are slightly less if you bought in 2005 or 2007, but not by much. Such was the rotten news buried in the latest housing report from Zillow.com. The company said local housing values have fallen to $145,778, a decline of 33.7 percent since the price peak. Of those people who bought at the peak in 2006, a typical homeowner owes $38,333 more than the home is worth.