Local Home Prices Drop in December
San Diego County home values declined 0.7% from November to December, according to data released this morning by Standard & Poor's/Case-Shiller. Of the 20 major metro areas, only Washington, D.C. enjoyed an increase over the period, and that was only 0.3%. On a year-over-year basis, San Diego and Washington were the only major metro areas to register increases. San Diego was up 1.7% and Washington was up 4.1% from a year ago. Overall, the national home price increase dropped 3.9% during the fourth quarter of 2010. That was the biggest drop since the third quarter of 2009, when prices declied at an 8.9% annual rate."Despite improvements in the overall economy, housing continues to drift lower and weaker," says David M. Blitzer, S&P economist.
More like this:
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