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County home values rose 0.4% from March to April, according to Standard & Poor's/Case-Shiller data released this morning (June 28). That was less than the rise for the 20-metro-area composite, 0.7%. It was the first monthly gain for the composite in eight months. However, San Diego home values in April were down 4.3% from a year earlier. That was slightly worse than the composite's fall of 4.0%. Of the 20 largest U.S. metro areas, only one had a gain over the last year: you guessed it — Washington D.C., up 4.0%. S&P economist David Blitzer, noting that much of the national improvement reflects the beginning of the spring-summer home buying season, says it is "much too early to tell if this is a turning point." San Diego home values are now down 38.3% from their peak in November of 2005.

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