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San Diego Home Values Dropped in September

U.S. home prices dropped 2% in the third quarter ended Sept. 30, compared with a rise of 4.7% in the second quarter, according to Standard & Poor's/Case-Shiller data released this morning (Nov. 30). San Diego home values declined 1% in September from August, compared with a decline of 0.6% in August from July. However, local home prices were up 5% compared with a year earlier; among the 20 largest metro areas, only San Francisco topped that with 5.5%. Economist David M. Blitzer of S&P said the report was "weaker than last month," and the expiration of government stimulus programs was only one of several disquieting factors. "Many analysts will argue that a double dip will be confirmed before Spring." San Diego values are down 35.1% from the Nov. 2005 peak.

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U.S. home prices dropped 2% in the third quarter ended Sept. 30, compared with a rise of 4.7% in the second quarter, according to Standard & Poor's/Case-Shiller data released this morning (Nov. 30). San Diego home values declined 1% in September from August, compared with a decline of 0.6% in August from July. However, local home prices were up 5% compared with a year earlier; among the 20 largest metro areas, only San Francisco topped that with 5.5%. Economist David M. Blitzer of S&P said the report was "weaker than last month," and the expiration of government stimulus programs was only one of several disquieting factors. "Many analysts will argue that a double dip will be confirmed before Spring." San Diego values are down 35.1% from the Nov. 2005 peak.

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If there is a potential for a double-dip scenario to be evident by spring, I am wondering if further reductions in overseas troop levels will increase housing demand here, as Marines and other service members experience a less-hectic deployment cycle... a drop in price may be beneficial for them while an increase in demand may mean some sort of price firming, a plus for agents and others on commission.

Nov. 30, 2010

That's possible. Best, Don Bauder

Dec. 1, 2010

I doubt the Marnes will make much of a difference in local housing-there is far too much inventory, there are too few troops to take up the slack and the most important factor is there are no jobs being created which means more homes will be going back to the lenders, driving down prices

Nov. 30, 2010

The big factor will be a pickup in foreclosures. Best, Don Bauder

Dec. 1, 2010

Speaking of the housing meltdown, the guy who runs WikiLeaks is going to be releasing some serious info on the banks-I CANNOT wait until that doo doo hits the fan of public disclosure;

Updated: WikiLeaks' Next Target: American Bank

In an interview with Forbes, Julian Assange hints that WikiLeaks may soon be going after the people who torpedoed the world economy. Assange tells reporter Andy Greenberg that about 50% of the documents WikiLeaks is sitting on relate to the private sector, and teases that the site may reveal damning information about an American bank:

“It will give a true and representative insight into how banks behave at the executive level in a way that will stimulate investigations and reforms, I presume,” he said, adding: “For this, there’s only one similar example. It’s like the Enron emails.”

. http://www.alternet.org/newsandviews/article/369573/updated%3A_wikileaks%27_next_target%3A_american_bank/#paragraph4 .

Nov. 30, 2010

Data on Bank of America are said to be next. Personally, I welcome all the news that can come out. Best, Don Bauder

Dec. 1, 2010

BofA is speculated, but I think they are too big.

There are so many big banks, and I am sure it is going to be a whopper release.

I think 95% of this stuff needs to come out-transparency, and the other 5% is a victim if the goc playing hide the ball.

If gov were more open there would be no WikiLeaks...

Dec. 1, 2010

Correct: If we had government transparency, there would be no need for WikiLeaks. Best, Don Bauder

Dec. 1, 2010
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