Robert Bush 11:18 p.m., May 25
Local Home Prices Dropping at Slower Rate
San Diego County home values declined 0.1% between March and April, compared with a 1.5% decline between February and March. For the last year, San Diego home values are down 20%, according to the Standard & Poor's/Case-Shiller home indexes, released this morning (June 30). Seven cities experienced a year-on-year decline larger than San Diego's 20. That's more than it has been in some time. Yearly prices plunged 35.3% in Phoenix, 32.2% in Las Vegas, and 28% in San Francisco. All told, the 20-city composite, which includes San Diego, dropped 18.1% over the last year, compared with a 18.7% yearly decline for March. S&P economist David M. Blitzer says the pace of decline in residential real estate slowed in April, but he cautioned. "we are entering the seasonally strong period in the housing market, so it will take some time to determine if a recovery is really here."
San Diego home values are now down 42.3% from their all-time high in November of 2005.