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Standard & Poor's/Case-Shiller home price values for January, released this morning (March 26), show San Diego County values rising 9.8% over the last year, topping the average of 8.1% for the 20 largest metro areas. However, from December to January, local values dropped 0.6%, comparing poorly with the rise of 0.1% by the 20-metro average. On a year-over-year basis, the 20-composite index posted its largest percentage gain since 2006. San Diego home values are now down 34.7% from the 2005 peak.

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Comments

jnojr March 26, 2013 @ 8:05 a.m.

Let's remove all of the artificial stimuli and see how "strong" housing is without massive supports.

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Don Bauder March 26, 2013 @ 9:38 a.m.

jnojr: You are quite right. The stock market is similar: it is being propped up by easy money and government/Federal Reserve policy designed to run up stocks. Even though I am still buying stocks, I am worried about a bubble. In fact, stocks ARE a bubble if you look at the state of the economy in 2007 compared with today. Yes, profits are high, but that is partly financial engineering -- companies borrowing money at incredibly low rates and buying back their own stock, thus artificially boosting earnings per share and thus the stock price. Trouble is: even if stocks are a bubble, where do you put your money? Thanks to the Fed's manipulated, extremely low interest rates, cash is dead money and bonds are almost so. Best, Don Bauder

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tomjohnston March 26, 2013 @ 8:51 a.m.

Don Bauder, The Residential Real Estate Indicators report should be released later today. How about giving us a summary of that as report well.

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Don Bauder March 26, 2013 @ 9:39 a.m.

tomjohnston: I will try to remember. I have a lot on my plate today. Best, Don Bauder

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MURPHYJUNK March 26, 2013 @ 8:57 a.m.

What percentage of the rise in price is due to realtors commissions ?

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Don Bauder March 26, 2013 @ 9:41 a.m.

Murphyjunk: Commissions are obviously part of the price rise, but the overwhelming factor is the low interest rate level. I don't know if commissions are factored out of the Case-Shiller numbers. I don't think it would make much difference. Best, Don Bauder

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