Four Florida counties are among the worst-hit by price drops in the housing bust, according to a report released Tuesday by Integrated Asset Services, which tracks home valuations for banks, investors and hedge funds.
Hernando and Pasco counties saw drops of 41.8 percent and 57.3 percent, respectively, since prices peaked in July 2006, the report states.
Two other Florida counties were named among the 10 counties with the steepest drops. Charlotte and Lee counties had price drops of 52.4 percent and 56.7 percent, respectively.
Florida has been hit much harder than most states, although prices are dropping nationwide. U.S. home prices have fallen 17.9 percent since the height of the real estate boom in '06, the report states.
"We have seen no indication of a positive turn in the housing markets we track," said Dave McCarthy, president and chief executive officer of Denver-based Integrated Asset Services. "If anything, the rate of decline in some areas has increased."
Prices have been dropping in most places for more than a year, but the pace is accelerating as more people lose jobs and homes are sold at fire-sale prices. The company's index has shown a drop of 10.9 percent since the economic collapse began in September.
The index tracks data from 15,000 neighborhoods and shows changes in 360 counties, nine census divisions, four regions and the nation overall.
The report does not include data on Hillsborough or Pinellas counties. But the most recent information from the Florida Association of Realtors shows that the Tampa, St. Petersburg and Clearwater metro area has been hit hard. The median sales price of existing homes fell 27 percent to $131,400 in February. It was $178,900 this time last year, according to the real estate group.
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