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Radar Logic, which tracks national home values, notes that San Diego home prices rose 3% from January to February, but were down 4% compared with a year earlier. That was a better performance than most metro areas. The price per square foot of a San Diego home is now $206.94. That compares with an average of $178.63 in 25 large U.S. markets, down 36% from the all-time high of $278.32 on June 8, 2007. Among the current high prices: San Jose $313.77 per square foot; San Francisco $242; Los Angeles $241.74 and Manhattan condos (not included in the top 25) a whopping $1.01 million. Phoenix at $73.27 and Las Vegas at $69.78 are among the lowest. The bottom is Detroit at $54.14. Radar Logic says prices may have troughed nationally in February, but it only expects a very moderate rise as the year progresses. Homes for sale, in the foreclosure process or likely to be foreclosed upon far outstrip current demand, says Radar Logic. "The oversupply won't be absorbed quickly," says Radar Logic.
Radar Logic, which tracks national home values, notes that San Diego home prices rose 3% from January to February, but were down 4% compared with a year earlier. That was a better performance than most metro areas. The price per square foot of a San Diego home is now $206.94. That compares with an average of $178.63 in 25 large U.S. markets, down 36% from the all-time high of $278.32 on June 8, 2007. Among the current high prices: San Jose $313.77 per square foot; San Francisco $242; Los Angeles $241.74 and Manhattan condos (not included in the top 25) a whopping $1.01 million. Phoenix at $73.27 and Las Vegas at $69.78 are among the lowest. The bottom is Detroit at $54.14. Radar Logic says prices may have troughed nationally in February, but it only expects a very moderate rise as the year progresses. Homes for sale, in the foreclosure process or likely to be foreclosed upon far outstrip current demand, says Radar Logic. "The oversupply won't be absorbed quickly," says Radar Logic.
25% of all mortgages are still underwater. That fact prevents a bottoming out. We are not there YET.
We will not hit the bottom until ALL of the bank owned properties, now and in the future, are cleared out. And once that happens we will start a slow climb out fo the bottom. That will not happen for a few more years, 3-5 years.
So I am going to have to disagree with the title, we are not yet at rock bottom.
Also, if we have a serious double dip recession and we shed more jobs that 25% could increase, instead of decrease.
Actually, I disagree with the headline, too. I print many things with which I disagree. I think there could be another dive in home prices -- maybe as much as 20%. Best, Don Bauder
This is spam -- a blatant ad. Administrator please remove. Best, Don Bauder