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NAPLES — Home values in Southwest Florida dropped significantly during the second quarter of 2008, a national housing report showed Tuesday.

According to online real estate data company Zillow.com, home values dropped 19.6 percent during the past year in the Naples-Marco Island Metropolitan Statistical Area, with the average home being appraised at $285,000. Single family homes saw the largest decline, with values dropping 22.2 precent with the average home being appraised at $329,000; condo prices were down 17.5% with the average condominium being appraised at $240,000.

The hardest hit areas of Naples was the 34116 ZIP code - the Golden Gate City area - which was down 22.4 percent during the past year.

The only positive signs in the report were homes in Port Royal and Old Naples, which saw slight upticks in quarter-over-quarter changes although both areas were down year-over-year.

Home values dropped 22.4 percent in the Cape Coral-Fort Myers region with the average home appraisal at $185,000. Single family homes saw the largest decline, with values dropping 24.9 precent with the average home being appraised at $187,000; condo prices were down 18.5% with the average condominium being appraised at $172,500.

The report states that nationwide, home values in the second quarter posted the largest year-over-year decline in the past 12 years, dropping 9.9 percent from the year-ago quarter and 1.7 percent from the first quarter.

The report said the median U.S. home value has not been this low since the fourth quarter of 2004, leaving nearly one-third, or 29.1 percent, of homeowners who purchased since 2003 with negative equity.

“The second quarter is the sixth consecutive quarter of home value declines and we see little promise of turnaround in the short term as the rates of decline have yet to slow and, in fact, actually accelerated in many markets,” said Stan Humphries, Zillow’s vice president of data and analytics, in the report. “The high rates of negative equity are having a direct effect on home sales figures as we’ve seen considerable growth in foreclosure transactions and homes selling for a loss."