Jeff Smith 11 a.m., May 25
U.S., San Diego Home Prices Still Struggling
U.S. home prices ended the first quarter of this year at new post-crisis lows, according to today's (May 29) release of Standard & Poor's/Case-Shiller numbers. "While there has been improvement in some regions, housing prices have not turned," says David M. Blitzer of Standard & Poor's. Average home prices across the U.S. are back at mid-2002 levels. San Diego County home values inched up 0.4% from February to March, topping the 0.0% of the 20 major U.S. metro areas. However, San Diego's 2.7% decline over the previous year was slightly worse than the 2.6% drop of the 20-city composite. San Diego home values are now down 40.2% since the peak of late 2005. Nationally, values are down 35.1% from their peak in the second quarter of 2006.