The latest short sale information in Tampa as of August 2011 in which the Tampa area home prices were up 1.3 percent from May to June. But still down 7 percent, year-over-year, according to the latest Standard &amp; Poor's/Case-Shiller Home price index.
This shows that Tampa is still on the downward trend and with a vast amount of inventory of distressed properties many real estate agents are of the opinion we have not hit the overall bottom in Tampa.  This can be backed up by the recent data from Core Logic’s report:

States With the Highest Number of Underwater Borrowers

1. Nevada: 60 percent of all properties with a mortgage were considered underwater
2. Arizona: 49%
3. Florida: 45%
4. Michigan: 36%
5. California: 30%

( as per REALTOR® Magazine Daily News)

According to David M. Blitzer, chairman of the Index Committee at S&amp;P Indices " ... those which set new lows in 2011 include the four Sun Belt cities – Las Vegas, Miami, Phoenix and Tampa – as well as the weakest of all, Detroit."
He went on to mention "These shifts suggest that we are back to regional housing markets, rather than a national housing market, where everything rose and fell together."
Tampa Bay Business Journal 8/31/11

For more short sale information in Tampa see other posts below.