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SD Housing Values Down 38.5% from Peak
Much of the nation has fallen back into a double-dip housing recession, according to March data released this morning (May 31) by Standard & Poor's/Case-Shiller.
The national index dropped 4.2% in the first quarter following a 3.6% decline in the fourth quarter of last year. The index hit a new recession low in the first quarter and was down 5.1% from a year earlier. Across the nation, home prices are back to their mid-2002 levels.
San Diego values were down 0.8% from February to March and down 4% in March compared with a year earlier. Both month-over-month and year-over-year indices were less than the declines for the 20-metro area index.
Of the 20 major metro areas, all but one dropped in March from February: the exception was Washington, D.C., up 1.1%. Similarly, on a year-over-year basis, 19 of the 20 metro areas dropped, but Washington D.C. enjoyed a 4.3% gain. Do you wonder why the nation's capital is oblivious to Main Street's woes?
San Diego County home values are now down 38.5% from the peak in November of 2005.
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SD Housing Values Down 38.5% from Peak
Much of the nation has fallen back into a double-dip housing recession, according to March data released this morning (May 31) by Standard & Poor's/Case-Shiller.
The national index dropped 4.2% in the first quarter following a 3.6% decline in the fourth quarter of last year. The index hit a new recession low in the first quarter and was down 5.1% from a year earlier. Across the nation, home prices are back to their mid-2002 levels.
San Diego values were down 0.8% from February to March and down 4% in March compared with a year earlier. Both month-over-month and year-over-year indices were less than the declines for the 20-metro area index.
Of the 20 major metro areas, all but one dropped in March from February: the exception was Washington, D.C., up 1.1%. Similarly, on a year-over-year basis, 19 of the 20 metro areas dropped, but Washington D.C. enjoyed a 4.3% gain. Do you wonder why the nation's capital is oblivious to Main Street's woes?
San Diego County home values are now down 38.5% from the peak in November of 2005.
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It is official. Double Dip.
I called it back in 2008- a 3-5 year depression.
I was substantially off the mark though. It is going to be a 5-10 year depression.
I'm waiting for the punch line about the D.C. home price increase. Fill us in, Mr. Bauder.
Washington D.C. is still thriving as government continues to expand. The politicos and the bureaucrats are only tuned into Wall Street, their source of money. They don't know what's happening in the rest of the country -- and don't care. Best, Don Bauder
Response to SurfPuppy's 8:36 a.m. post: Yes, sorry to say, it's officially a double-dip in residential real estate across the nation, San Diego included. Low mortgage rates aren't working. Homes are being bought from foreclosure, often with cash. The speculators are behind that activity. San Diego home values got ridiculously high and are now seeking a reasonable level. SurfPup may be right in calling a 5 to 10 year slump. Best, Don Bauder
Well, we should always follow the money, but what KIND of speculators (compared to the turn of the century ones) are buying up foreclosures? They're gonna have to put a lot of money into them before they (the houses, I mean--or do I) become flippable.
Are they flipping crackerboxes taken from the laborers onto the yuppies, downsizing boomers, slumlords, or?
Look for subtle but profound shifts in the demographics . . .
These speculators know what they are doing in snapping up foreclosed homes with the intention of flipping them. Certainly, many will require expensive upgrades, but these homes also go cheap. Best, Don Bauder