Home values plunge up to 30 percent in Clearwater coastal areas

It has beautiful powdery beaches, luxury waterfront condo towers and the worst housing devaluation in the Tampa Bay area. What's the matter with Clearwater? In a list of more than 200 bay area neighborhoods compiled by Zillow.com, three expensive enclaves in and around Pinellas County's second city took the biggest price pounding. The online real estate service reported that, overall, Tampa Bay area home values declined 19.8 percent in the first three months of this year compared with the same period in 2008. But in Clearwater Beach, the decline was 29.5 percent. Nearby Sand Key suffered a drop of 28 percent. Down the road in Belleair Beach, values tanked 26 percent.

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