Make us your home page

We're not the worst: Tampa Bay No. 8 on list for plunging home values

Here's a sliver of good news for the local housing market: Tampa Bay did not record the nation's biggest drop in home values during the first quarter.

For years, Tampa Bay has been No. 1 in most lists of plunging home values and other negative housing news. The region still ranks among the worst. But, in what passes for good news these days, it's no longer the worst.

From January to March, seven of the largest 25 metros areas had larger house price declines than Tampa Bay's 3.8 percent drop, according to a report released today by housing tracker It said the median value of homes in Tampa Bay fell to $107,200.

The new No. 1 on the list was Detroit, where median home prices fell 5.2 percent.

Statewide, Orlando dropped 2.9 percent; Miami-Fort Lauderdale fell 1.8 percent; and Sarasota remained flat. Of the 137 regions tracked by Zillow, only three showed rising house values: Fort Myers, 2.4 percent; Honolulu and Champaign-Urbana, Ill., rose less than 1 percent.

Nationally, home values slipped 3 percent to $169,000.

Is the worst over in the Sunshine State?

Probably not.

The housing market will not stabilize completely until more new jobs are created, said University of Central Florida economist Sean Snaith. It's not surprising, he said, that other regions are now recording bigger value declines than Florida, since the state rose faster than others during the housing boom.

"The quicker they rise, the harder they fall," he said.

Snaith acknowledged that the lower declines are good for the state.

"Anything is better than what we went through," he said. "We've endured a significant amount of pain. Prices are still falling, and we really haven't seen the stabilization."

Since the real estate market peaked in 2006, bay area values have plummeted 50.6 percent to levels last seen in November 2001. Values fell 10.9 percent in the bay area from March 2010, Zillow reported.

The percentage of Tampa Bay homeowners who owe more on their mortgage than their home is worth now stands at 59.8, a 10.7 percent jump from last March.

With the threat of more foreclosures and values falling, Zillow revised its housing forecast: The market will hit bottom not this year, but next.

"Home value declines are currently equal to those we experienced during the darkest days of the housing recession," said Stan Humphries, Zillow's chief economist. "With accelerating declines during the first quarter, it is unreasonable to expect home values to return to stability by the end of 2011."

Mark Puente can be reached at or (727) 893-8459. Follow him on Twitter at

Worst 10 regions in terms of percentage loss of home value in first quarter of 2011

Detroit -5.20

Chicago -4.80

Minneapolis-St. Paul -4.80

Atlanta -4.40

Sacramento, Calif. -4.20

St. Louis, Mo. -4.00

Cleveland -3.90

Tampa -3.80

San Francisco -3.80

Philadelphia -3.20

We're not the worst: Tampa Bay No. 8 on list for plunging home values 05/08/11 [Last modified: Monday, May 9, 2011 11:22am]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. Hyde Park Village awaits two new clothing stores


    TAMPA — Two new retailers, Social Status and Boho Hunter, are scheduled to open in Hyde Park Village this fall.

    Pictured is the exterior of Goody Goody, located in Tampa's Hyde Park Village.
[Times file photo]
  2. Sears closing another 20 stores


    NEW YORK — Sears is closing another 20 stores as the ailing retailer tries to turn around its business.

    In a government filing Friday, real estate investment trust Seritage confirmed that Sears Holdings Corp. is closing another 20 stores, two of which are Kmart stores.
[AP file photo]
  3. Exploratory Lab Boot Camp provides real-life technology training to students


    CLEARWATER — At this graduation ceremony featuring some of the brightest local minds in tech, it was the youngsters who stood out.

    Laszlo Leedy, 17, a senior at Shorecrest Prep, presents part of his team's project for SPC's Exploratory Lab Boot Camp. Students presented their ideas at the end of the SPC Exploratory Lab Boot Camp. The program provides real-time business training to students. This year's graduation celebrated 15 students that finished the program. 
[JIM DAMASKE   |   Times]
  4. Appointments at the Crisis Center of Tampa Bay and World of Beer highlight this week's Tampa Bay business Movers & Shakers



    Tampa Bay Watch, Inc., a 501 (c)(3) non-profit organization dedicated to the protection and restoration of the marine and wetland environments of the Tampa Bay estuary, has announced two new employees. Pamela Arbisi is the new development director. Her responsibilities include …

    Scott Bendert has joined the Crisis Center of Tampa Bay as the non-profit organization's Chief Financial Officer. [Company handout]
  5. Tampa's Homeowners Choice seeks to offer flood insurance in other states


    Tampa-based insurance company HCI Group Inc.'s subsidiaries are trying to expand their flood insurance offerings beyond Florida. HCI has filed with regulators to offer flood coverage in Arkansas, California, Maryland, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina and Texas.

    Tampa-based HCI Group is trying to expand its flood insurance offerings to other states. Pictured is Paresh Patel, CEO of HCI Group. | [Courtesy of HCI Group]