Who says Tampa Bay is toxic for home builders? Home Dynamics Corp., based in Fort Lauderdale, has begun building in Pasco County's Lakeshore Ranch neighborhood.

It's only the second new builder to leap into one of the most depressed housing markets in Tampa Bay history. Minto Communities LLC arrived earlier this year in New Tampa's Grand Hampton neighborhood.

Home Dynamics has been a player in southeast Florida, and took advantage of lower lot prices to buy into Lakeshore Ranch, one of a string of badly pummeled new home subdivisions on U.S. 41.

About a dozen builders have declared bankruptcy, left the area or closed shop, including Smith Family Homes, Windjammer Home Builders and Engle Homes.

Tampa Bay housing starts are on a record low pace for 2009, although the trough of the market seems to have been last winter. Home Dynamics' motto is Home of the Affordable American Dream.