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San Diego County home values sank 1.1% in January from December of last year, according to Standard & Poor's Case-Shiller data released this morning (March 27). San Diego's 1.1% decline was worse than the 0.8% drop of the largest 20 metro areas. For the year ended January, San Diego home values were down 5.3%, worse than the 3.8% drop of the 20 largest metro areas. San Diego home values are now down 40.6% from the peak in November of 2005.

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Comments

SurfPuppy619 March 27, 2012 @ 9:01 a.m.

Also means we have not come out of this recession/depression, and that state and muni budgets will fall MORE outof the black from lower property taxes.

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Don Bauder March 27, 2012 @ 1:02 p.m.

We are not out of the woods. (That's why Wall Street is celebrating. A sick economy means the Fed will pump in more liquidity, buoying Wall Street.) Housing has further to go on the downside, in San Diego and in the nation generally, except in some extremely depressed markets like Las Vegas and Phoenix which may be hitting bottom. Best, Don Bauder

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SurfPuppy619 March 27, 2012 @ 2:29 p.m.

Don, we have a shadow inventory of 1.5-2 million homes that should be/are being foreclosed on. We are far from out of the woods in any area-Las Vegas would be the LAST to come out IMO because of their sick economy and highest in the nation unemployment rate-why would they have hit bottom with those issues???

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Don Bauder March 28, 2012 @ 6:56 a.m.

Phoenix and Las Vegas fell so far that they have had a bit of a bounce-back. Remember, I said they MAY have hit bottom. I think the nation is in for more downside, greatly because of the overhang. For a variety of reasons, banks are reluctant to foreclose in many cases; people are living free in such homes. Best, Don Bauder

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Don Bauder March 28, 2012 @ 12:31 p.m.

Phoenix and Las Vegas, after huge plunges, have bounced back modestly. Remember, I said they MAY be bottoming. I do not think the U.S. generally is bottoming. Best, Don Bauder

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tomjohnston March 28, 2012 @ 7:33 a.m.

We were recetly in Scottsdale and it seemed the housing market over there was definately better than that of Southern Ca. You might find this interesting: https://asunews.asu.edu/20120327_business_orrreport

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SurfPuppy619 March 28, 2012 @ 7:50 a.m.

That was an interesting article, and it is hard to believe they are doing so good (not that it is false), and I have no idea why AZ is doing so much better b/c it was my understanding AZ was one of the worst off states right behind NV.

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Don Bauder March 28, 2012 @ 12:34 p.m.

Phoenix experienced one of the worst collapses in the nation. It is coming off a very low base. Best, Don Bauder

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