4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs

Grim Housing News. San Diego No Exception. Double Dip?

Home values around the nation suffered their biggest drop since recessionary 2008 in this year's first quarter, according to Zillow in a report released today (May 9). First quarter 2011 home values nationally fell 3% from the fourth quarter and 8.2% from a year earlier. San Diego values fell 2.1% from the fourth quarter and 5.5% from a year ago, bettering the national figures. Now, a stunning 28.4% of single-family homes in the nation are underwater -- the house is worth less than the mortgage. In the San Diego metro area, the figure is 26%. In Phoenix it's 68.4%, Sacramento 51.2%, Chicago 45.7%, Miami 47.7%, and Riverside 50.7%. San Diego home values are down 35.3% from the peak -- worse than the national drop of 29.5% for the 25 largest metro areas. Sacramento is down 50.1%, Riverside 53.8%, and Los Angeles 36.1%. Zillow now says housing prices won't hit bottom this year; the trough will come in 2012 at the earliest. Some economists say this is more evidence of a double dip in housing.

Here's something you might be interested in.
Submit a free classified
or view all

Previous article

San Diego County sheriff's radio goes silent

Local scanners fight encryption
Next Article

Shirtless at Danny’s in Coronado

A chance to go tribal with the legendary top guns of special forces

Home values around the nation suffered their biggest drop since recessionary 2008 in this year's first quarter, according to Zillow in a report released today (May 9). First quarter 2011 home values nationally fell 3% from the fourth quarter and 8.2% from a year earlier. San Diego values fell 2.1% from the fourth quarter and 5.5% from a year ago, bettering the national figures. Now, a stunning 28.4% of single-family homes in the nation are underwater -- the house is worth less than the mortgage. In the San Diego metro area, the figure is 26%. In Phoenix it's 68.4%, Sacramento 51.2%, Chicago 45.7%, Miami 47.7%, and Riverside 50.7%. San Diego home values are down 35.3% from the peak -- worse than the national drop of 29.5% for the 25 largest metro areas. Sacramento is down 50.1%, Riverside 53.8%, and Los Angeles 36.1%. Zillow now says housing prices won't hit bottom this year; the trough will come in 2012 at the earliest. Some economists say this is more evidence of a double dip in housing.

Sponsored
Here's something you might be interested in.
Submit a free classified
or view all
Comments
5

I've heard projections for home sale prices dropping between 5 and 10 percent by next year. Is this true for San Diego, and if so, will the price drop not put additional mortgages under water? How many? Will this be a vicious cycle? How will it be stopped? If the "recovery" is a weak, wobbly upward trend, how vulnerable is the economy to ending up in a corner from which there is no escape except for lower and lower wages for more and more people? What will they use to buy the stuff the top 10 percent make to sell?

May 11, 2011

Twister, real estate is not going to go up anytime soon, not for 3-5 years IMO.

It may or may not go down-I personally think it will contunue to drop due to the unemployment problems, but who knows.

But it is not going to go up.

May 11, 2011

It's looking more and more like a San Diego double-dip, SP. Numbers from the first quarter were grim, nationally as well as locally. I would look for a further drop, not a flattening. Best, Don Bauder

May 11, 2011

Yes, several top economists such as Marney Cox of SANDAG look for a 5 to 10% drop in San Diego. Since he made that prediction several weeks ago, there has been worse national news. Today I posted one about government backing of mortgages dropping sharply in high-housing-price areas such as San Diego. Best, Don Bauder

May 11, 2011

Note to SP: I guess I made the mistake of asking too many questions, none of which was was the housing market going up.

However, I have one more on this subject: When we talk about "drop" and "rise," should we make it clear just what the rise or drop is from (what datum)?

May 16, 2011

Sign in to comment

Sign in

Ask a Hipster — Advice you didn't know you needed Big Screen — Movie commentary Blurt — Music's inside track Booze News — San Diego spirits Classical Music — Immortal beauty Classifieds — Free and easy Cover Stories — Front-page features Drinks All Around — Bartenders' drink recipes Excerpts — Literary and spiritual excerpts Feast! — Food & drink reviews Feature Stories — Local news & stories Fishing Report — What’s getting hooked from ship and shore From the Archives — Spotlight on the past Golden Dreams — Talk of the town Letters — Our inbox [email protected] — Local movie buffs share favorites Movie Reviews — Our critics' picks and pans Musician Interviews — Up close with local artists Neighborhood News from Stringers — Hyperlocal news News Ticker — News & politics Obermeyer — San Diego politics illustrated Outdoors — Weekly changes in flora and fauna Overheard in San Diego — Eavesdropping illustrated Poetry — The old and the new Reader Travel — Travel section built by travelers Reading — The hunt for intellectuals Roam-O-Rama — SoCal's best hiking/biking trails San Diego Beer — Inside San Diego suds SD on the QT — Almost factual news Sheep and Goats — Places of worship Special Issues — The best of Street Style — San Diego streets have style Surf Diego — Real stories from those braving the waves Theater — On stage in San Diego this week Tin Fork — Silver spoon alternative Under the Radar — Matt Potter's undercover work Unforgettable — Long-ago San Diego Unreal Estate — San Diego's priciest pads Your Week — Daily event picks
4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
Close