Scott Ellis 3 a.m., March 12
Home Values in San Diego, Other Metro Areas Decline
Home prices in all 20 major metro areas decreased from September to October, according to Standard & Poor's/Case-Shiller data released this morning (Dec. 28). "The double dip is almost here," says S&P economist David Blitzer. "There is no good news in the October report. Home prices across the country continue to fall....tax incentives are over." San Diego home values declined 1.5% between September and October -- worse than the 1% decline from August through September. However, San Diego prices have risen 3% on a year-over-year basis, one of only four metro areas to experience a gain. The others are Los Angeles, San Francisco, and Washington DC. San Diego values are now down 36.1% from their November 2005 peak.