Rob McGovern 1:50 p.m., Sept. 24
SD Home Values Improve Slightly, Still Down 42% from Peak
San Diego home values in May rose 0.4% from April, according to Standard & Poor's/Case-Shiller home price indices released this morning (July 28). Over the last year, home values are down 18.5%. That is an improvement over previous months, when they were consistently down more than 20% year-over-year. Of the 20 major metro areas, eight did worse than San Diego. That is also an improvement from previous months. Local values remain down 42% from the peak of November 2005. Nationally, the index for the 20 major metro areas (including San Diego) improved for the fourth straight month. The 20-city composite dropped 17.1% in May from a year ago, an improvement from the 18.1% drop of April. "The pace of descent in home price values appears to be slowing," says S&P economist Dvid Blitzer. However, "We should remember that on a year-over-year basis home prices are still down about 17%."