Matt Potter 7:30 a.m., March 12
San Diego Real Estate Values Back to August 2002 Levels
San Diego metro real estate values have now plunged 40.8 percent from their peak in November of 2005, according to data from Standard & Poor's/Case-Shiller, released this morning (March 31). Local prices are back to their August 2002 levels. Indices for the top 20 markets track values for typical single-family homes. San Diego's index for January of this year was down 2.6% from December. By contrast, December had been down 2.1% from November. Compared with January of 2008, the San Diego index is down 24.9 percent. Only five metro areas did worse: Los Angeles (-25.8%), Miami (-29.4%), San Francisco (-32.4%), Las Vegas (-32.5%) and Phoenix (-35%). The top 20 metro areas were down a collective 19% in January. "Most of the nation appears to remain on a downward path," says economist David M. Blitzer of Standard & Poor's.