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Pasco, Hernando Home Prices Have Dropped 40%

Tribune photo by ANDY JONES

Pasco and Hernando counties saw declines of 39.7 percent and 39.4 percent, respectively, the study says.

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By SHANNON BEHNKEN | The Tampa Tribune

Published: February 10, 2009

Updated: 02/10/2009 03:04 pm

TAMPA - Home prices in Pasco and Hernando counties have dropped nearly 40 percent since the peak of the housing boom, according to a report released this morning.

The counties are among the top-10, hardest-hit counties in the nation, said Denver-based Integrated Asset Services, which tracks home valuations for banks, investors and hedge funds.

Pasco and Hernando counties saw declines of 39.7 percent and 39.4 percent, respectively, the study says. Prices peaked in Pasco County in July 2006, while prices peaked in Hernando County one month earlier, according to the report. Nationwide, prices dropped 19 percent since the market's peak in December 2006.

"We're seeing house prices returning to pre-bubble levels and there are no signs of leveling off just yet," said Dave McCarthy, president and CEO of Integrated Asset Services.

The only other Florida counties in the top 10 were Charlotte and Lee counties, with drops of 42.2 and 44.6, respectively.

All other counties were in California.

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

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