TAMPA The bad news is that home prices in the Tampa-St. Petersburg-Clearwater metro area fell in the second quarter, compared to the first quarter. But the drop, 0.4 percent, is the smallest decline the area has seen since prices started falling five years ago.

That may mean the area is near the bottom of the housing downturn, said Svenja Gudell, senior economist with Zillow.com, which released the data Tuesday.

Even so, Gudell said the turmoil in the stock market may throw the housing market another curve ball.

"At least the depreciation is slowing down," Gudell said. "But we're probably going to see prices go up and down before we reach stabilization."

The data showed positive trends for most of the country. Ninety-four of the 154 metros Zillow covers showed positive quarter-over-quarter growth.

"Tampa didn't do as well as some other markets, but things are getting better," Gudell said.

Tampa area home values were still 8.7 percent lower in the second quarter than during the same period last year.

Nationally, the drop from the first quarter to the second quarter this year mirrored Tampa's 0.4 percent. Compared with a year ago, prices fell 6.2.

Here are some other highlights from Zillow's second quarter report.

• Tampa area home values have fallen 49.9 percent since their peak in May 2006 and are now back to January 2002 levels. Nationally, home values fell 28.8 percent since they peaked in June 2006.

• Of all single-family homeowners with mortgages, 56.4 percent of them owe more on their mortgages than their homes are worth. As bad as that sounds, it's better than early this year. In the first quarter, 59.8 percent of Tampa mortgages were underwater. Compare than to the national average of 26.8 percent.

• Of all Tampa Bay area homes that sold in June, 49.1 percent were sold for a loss. Nationally, 34.1 percent of homes sold for a loss.

Zillow predicts housing prices will bottom in 2012.

Moody's Economy.com predicts it will be 2025 before median sales prices in the Tampa-St. Petersburg-Clearwater metro area recover to the June 2006 peak median price of $239,600. Data from the Florida Realtors' group show the current median in the metro area is $120,200.