Robert Bush 6:31 p.m., May 18
Home Underwater Rate Here Lower Than Nation
There is one piece of good news in the Zillow.com report released this morning (Nov. 8). Nationally, 28.6% of single-family mortgages are underwater (more debt on a home than it is worth). The San Diego number is 25.8%. Otherwise, the news is not good for San Diego. Home values here declined 1.4% from the second quarter to the third, versus a 0.2% fall for the nation. SD values are down 5.8% from a year ago, compared with minus 4.4% for the nation. Values here are down 35.9% from their peak, compared with the nation's 28.8% fall. San Diego's median home value is $344,000. Of the largest 25 markets, only San Francisco, Los Angeles, and New York top that.