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Half of Tampa Bay's homeowners are 'underwater,' report says

Tribune file photo (2008)

In the second quarter, 49 percent of single family owners in Tampa owed more on their mortgage than the home was worth.

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By SHANNON BEHNKEN | The Tampa Tribune

Published: August 11, 2009

TAMPA - Nearly half of Tampa Bay's homeowners owe more on their mortgages than their homes are worth, according to a Zillow.com index released today.

In the second quarter, 49 percent of single family owners were underwater, up from 45 percent in the first quarter.

Home values in the Tampa metro area fell 22 percent in the second quarter, compared to the same quarter last year. The home value index for Tampa Bay was $126,400, a 41 percent drop since the market peaked in 2006.

Unlike home sales data, the Zillow home value index measures the value of all homes, not just those that sold in a particular period.

The report does track home sales, though, and shows sales rose 8.9 percent in the second quarter and 4.6 percent compared to a year ago.

Nationally, home values in the United States posted their 10th consecutive quarterly decline, falling 12.1 percent year-over-year to an index value of $186,500 in the second quarter, the report showed.

The report tracks value estimates in 161 metropolitan statistical areas.

Twenty-three percent of al single-family home owners owe more on their mortgage than their home is worth, relatively flat compared to 22 percent in the first quarter.

Reporter Shannon Behnken can be reached at (813) 259-7804.

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