Home prices down significantly

Home prices in Tampa-St. Petersburg-Clearwater fell 12.5% over the year that ended in June 2011, while North Port-Bradenton-Sarasota values fell 7.6%, according to the latest report from CoreLogic. Nationwide, prices fell 6.7%.

Foreclosures and short sales continue to be a major factor in dragging home prices down across the country. Excluding distressed sales, Tampa Bay prices would have fallen by just 1.8%, CoreLogic estimates, and just 1.4% in Sarasota.

Florida saw the 11th largest drop in home prices over the year relative to other states, with a 7.6% decrease experienced statewide. Nevada, Arizona, Idaho, and Illinois each saw price decreases of more than 12%.