Michael Mullenniex 1:43 p.m., May 25
Case-Shiller Home Data Dismal -- Even in San Diego
February home value data from Standard & Poor's/Case-Shiller strongly suggest a coming double-dip nationally. The composite of 20 major metro areas was down 3.3% from February of 2010. "San Diego, which had posted 15 consecutive months of positive annual rates, ended its run with a minus-1.8% rate of change in February 2011," said S&P/Case-Shiller. "The 20-city composite is within a hair's breadth of a double dip," says S&P economist David M. Blitzer. "There is very little, if any, good news about housing. Prices continue to weaken, trends in sales and construction are disappointing." Between January and February, San Diego values fell 1.3%, which was lower than the 20-composite decline of 1.1%. However, the year-over-year decline of 1.8% topped the composite's 3.3% drop. San Diego housing values are now down 38% from their peak of November 2005.