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Home values in the 20 largest metro markets dropped 3.7% in November from a year earlier, according to Standard & Poor's/Case-Shiller indices released this morning (Jan. 31). There were 18 year-over-year declines in the 20 markets and 19 month-over-month declines. San Diego County values were down 5.4% year-over-year, worse than the 3.7% decline of the 20 metro markets as a group. San Diego November prices dropped 0.9% from October, better than the 1.3% drop of the top 20. "Despite continued low interest rates and better [inflation-adjusted gross domestic product] growth in the fourth quarter, home prices continue to fall," says S&P economist David Blitzer. San Diego home values are now down 39.5% from their late 2005 peak, compared with a 33% decline from the peaks for the top 20 markets.

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2

If you took the "normal" appreciation rate, disregarding the peak(s), would the 39% point be above or below the extension of that "normal" trend to the present? I'm looking for a hand in there somewhere; I've had enough of the ponies . . .

Feb. 1, 2012

Good question, Twister. The SD housing market escalated crazily in the early part of the decade, crashing and burning beginning in 2005 for San Diego and 2006 for most of the rest of the nation. Had there not been such amazing appreciation, would the 39% haircut only bring us back to a normal market? Possible. You have to make some subjective assumptions to figure this one. SD homes are among the most expensive in the nation. Should they be, given employment trends, shabby construction, etc.? Best, Don Bauder

Feb. 2, 2012

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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
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