Mike Madriaga 3 p.m., June 22
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.
More like this:
- Local home values to rise 9.3% in next year, says zillow.com — July 23, 2013
- More San Diego Homeowners Underwater — May 24, 2012
- SD Home Values May Bottom Late This Year — Feb. 9, 2012
- Median SD Home Values Fourth Highest — Jan. 10, 2012
- SD Housing Values Down 38.5% from Peak — May 31, 2011