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Housing values across the nation rose in May from April, according to the Standard & Poor's/Case-Shiller Home Price Indices, but the gain was largely seasonal, warns David Blitzer of Standard & Poor's. San Diego County home values rose 0.2% in May from April. That's less than the average 1% of the 20 major metro areas. San Diego values in May were down 5.1% over the previous 12 months — slightly worse than the minus-4.5% of the 20 major metro areas. San Diego home values have receded 38.2% since the peak in November of 2005.

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