Bay Area Home Values Retreat 20-Percent
What goes up must come down.
It's an old saying, but true.
The Tampa Bay area saw soaring home prices duing 2004-2006, but now gravity has taken hold and prices are falling back to earth like a rock.
Home values in the Tampa Bay area have dropped 20-percent between May 2007 to May 2008, according to the just released and much respected S&P Case-Shiller home price index. This means that a home with a true market value of $300,000 in May 2007 is now valued at only about $240,000. This puts housing prices back to January 2005 levels, according to Case-Shiller.
The price declines, according to the report, may be slowing. The drop in the Tampa Bay area for April to May was 0.8-percent as compared to a dip of 2.1-percent for March to April. That's good news for area home sellers, but it is a bit like being shot with a smaller bullet.
The problem is not just a local one. All twenty cities in the Case-Shiller study had annual price declines. Phoenix, L.A., San Diego and San Francisco all had price declines of 20-percent or more.
For more information on real estate in the Tampa Bay area, visit my website at http://www.thestpeterealestatesite.com/.
It's an old saying, but true.
The Tampa Bay area saw soaring home prices duing 2004-2006, but now gravity has taken hold and prices are falling back to earth like a rock.
Home values in the Tampa Bay area have dropped 20-percent between May 2007 to May 2008, according to the just released and much respected S&P Case-Shiller home price index. This means that a home with a true market value of $300,000 in May 2007 is now valued at only about $240,000. This puts housing prices back to January 2005 levels, according to Case-Shiller.
The price declines, according to the report, may be slowing. The drop in the Tampa Bay area for April to May was 0.8-percent as compared to a dip of 2.1-percent for March to April. That's good news for area home sellers, but it is a bit like being shot with a smaller bullet.
The problem is not just a local one. All twenty cities in the Case-Shiller study had annual price declines. Phoenix, L.A., San Diego and San Francisco all had price declines of 20-percent or more.
For more information on real estate in the Tampa Bay area, visit my website at http://www.thestpeterealestatesite.com/.
-30-
posted by Terry Ward at 5:29 AM
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