Report details decline in home values for parts of Tampa area

Tampa Bay home values continue to fall, owners owe more on mortgages than their homes are worth and many are selling for a loss, according to the real estate website Zillow.com. Tampa area home values fell about 13 percent to a median value of $123,600 in the fourth quarter of 2009, according to a report released today. Values fell 0.8 percent from November to December. Zillow considers the Tampa area to be homes in Hernando, Hillsborough, Pasco and Pinellas counties. Meanwhile, 46 percent of all owners of single-family homes with mortgages were underwater at the end of the fourth quarter. That's a little better than in the third quarter, when nearly 48 percent owed more than their home's value.

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