8:09 p.m., July 28
Housing Market May Stay Weak for a Generation
Housing values may take a generation or more to rebound, Yale economics Prof. Robert Shiller told Reuters Insider today (April 24). "I worry that we might not see a really major turnaround in our lifetimes," said the professor, co-creator of the Standard & Poor's/Case-Shiller home price index, which came out this morning. San Diego County did reasonably well in the February index. Home values rose 0.2% from January; values for the largest 20 metro areas dropped 0.8% in the same period. Values in only two of the top 20 markets, Miami and San Diego, rose in February. From a year ago, however, San Diego values are down 3.9%, slightly worse than the collective 3.5% decline of the top 20 markets. Local home values are now down 40.5% from the November 2005 peak.