A research group projects another 5% decrease in the second half of 2012.
TAMPA — Home prices in Tampa-St. Petersburg-Clearwater fell 7.2% in the first six months of 2011, according to Clear Capital, a California-based research firm. The group estimates prices will fall another 4.7% in the second half of the year.
The firm's estimate for Tampa Bay's second-half performance puts it among the 10 lowest-performing real estate markets in the country.
Nationwide, home prices fell by 3.2% in the first six months of this year, and Clear Capital is projecting another 2.4% drop by year's end. Just five markets — Washington, D.C., New York, Dallas, San Francisco, and nearby Orlando — are expected to see gains.
Despite the many negative trends, however, two positive results offer a sliver of hope for the national real estate marketplace. First, despite a six-month net decrease, home prices actually rebounded in the second quarter of the year, up nearly 1%.
Also, while nationwide real estate owned (REO) saturation remains high at 31.4%, that rate has fallen slightly over the last three months, down from 33.1%.