Bay area home value declines steep in first quarter

Tampa Bay area home prices put in a rather pathetic performance vs. other large metro areas in the first quarter. According to First American Corp., which sells residential mortgage data to bankers and Wall Street, Tampa homes lost 6.9 percent of their value from January to March 2008. It was the sixth-steepest drop among 34 large statistical areas monitored by First American. We moved up the list — 10th out of 34 — when it came to our year-to-year home price drop of 16.46 percent. In first-quarter home price decline, Tampa trailed Los Angeles, Cleveland, Oakland, Calif., Cape Coral-Fort Myers and Riverside, Calif.

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