Tampa Bay area could see home prices stabilize later this year

Home prices declined once again in November, but the bottom may be close for the greater Tampa housing market. A new study from First American CoreLogic said home prices in Tampa, St. Petersburg and Clearwater dropped 13.5 percent since November 2008. That was smaller than the 14.5 percent decline experienced between in October, but was well above the national decline of 5.7 percent. When distressed properties are removed from the equation, the year-over-year decline is 11.85 percent compared to the 12.6 percent annual decline in October. Nationally, those numbers adjusted to a 5,1 percent decline in November and 5.7 percent in October. However, by November 2010, home prices should be far more stable, with CoreLogic predicting a 0.19 percent increase.

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