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Decade of Home Value Wiped Out

Tampa Bay home prices dropped to their lowest levels in a decade last month as the great recession continues. Holes sold for only $89 a square foot, down 7 percent from the year before, 4% from the previous months as prices continue to decline.

The decline currently represents about $13,ooo of the average home price. “Low process combined with tons of inventory like we have means now is the greatest buying opportunity” said Tom Bright of the Greater Tampa Bay Camber of Commerce.

Half of all area sales are distressed homes up 1% this month. Short sales are selling 73% under traditional process, while foreclosed homes are selling at half the usual market prices.

“Tampa Bay has plentiful and affordable housing which is the basis for a strong economy. There is no recession only boundless opportunity” espoused Tom Bright.