Ken Leighton 11 a.m., May 20
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.