Tampa Bay home prices slid 11 percent from December 2008 to December 2009, making us the second most depreciated region on the 20-city S&P Case-Shiller home price index after Las Vegas. But the numbers aren't as bad as they appear. Almost all of the Tampa Bay price decline happened from December 2008 to March 2009. Home prices have largely stabilized since the spring, a flattening partly attributable to the $8,000 first time home buyer tax credit. According to Case-Shiller, Tampa Bay prices have receded 42 percent since the housing boom peak in June 2006 and returned to July 2003 levels.