Business Briefs

TAMPA BAY AREA

Home Prices Fall Again But Drop More Elsewhere

If misery loves company, here's some good news: A new report shows that housing prices in five other cities may be dropping more than prices in the Tampa Bay area.

The region saw a yearlong decline in sales prices of 12.6 percent through November, according to data released Tuesday by S&P/Case-Shiller Home Price Indices. That was a little worse than the 11.8 percent drop logged the previous month, when Tampa's decline was the second-most in the nation.

The new data show that Miami, Detroit, Las Vegas, Phoenix and San Diego all fared worse than the Bay area in November.

The index tracks 20 metropolitan areas and releases data monthly. The data always lags by two months. The report is considered one of the most reliable by economists who follow the housing market.

In November, the 20 cities saw a combined annual decline of 7.7 percent. It was the steepest national decline S&P/Case-Shiller has recorded since it started tracking the cities in 1991.

Eight of the cities have had more than 12 consecutive months of falling prices, and 14 of the cities recorded their largest monthly decline on record.

Only Charlotte, N.C.; Portland, Ore.; and Seattle posted positive annual growth rates for home prices.

Gas Prices Dip Below $3

Gasoline prices are below $3 a gallon at several locations in the Tampa Bay area, following a steady decline in the price of oil. Since reaching $100 a barrel on Jan. 2, oil prices have fallen to about $91 a barrel, providing some relief for motorists. Tampa Bay area pump prices on Tuesday ranged from $2.81 a gallon to $3.09 a gallon, said Gasbuddy.com, which tracks gasoline price ranges nationally. Bay area gasoline prices averaged $2.99 a gallon, down from $3.01 a month ago, said AAA's Daily Fuel Gauge Report.

STATE

AIG Settles With States

Florida is among nine states and the District of Columbia to share in a $12.5 million settlement to be paid by the American International Group to resolve charges that some of its subsidiaries engaged in price-fixing, state officials said Tuesday. The state will get about $3 million of the settlement to reimburse affected policyholders. New York-based AIG and several of its subsidiaries were accused of conspiring with Marsh & McLennan Cos. and other insurance brokers by submitting fake bids to create the illusion of a competitive process in the excess casualty commercial insurance market.

A staff and wire report