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San Diego home prices rose 1.6% from May to June, according to Case-Shiller home price indices published this morning (Aug. 25) by Standard & Poor's. The May/June increase was four times the 0.4% rise of April/May. Local prices, however, are still down 16% from a year ago and down 41.6% from their peak of November, 2005. Many U.S. metro areas continue to do very poorly: Las Vegas prices are down 32.4% from a year earlier, Phoenix down 31.6%, and Detroit down 25%. The overall index embracing 20 metro areas dropped 15.4% in the second quarter from the previous year, an improvement over the 19.1% decline of the first quarter. S&P economist David Blitzer sees "positive signs" for the second straight month. However, investors must ask themselves how much of this slowing in the rate of decline is the result of massive liquidity (partly in the form of artificially low interest rates), along with subsidies for certain buyers.
San Diego home prices rose 1.6% from May to June, according to Case-Shiller home price indices published this morning (Aug. 25) by Standard & Poor's. The May/June increase was four times the 0.4% rise of April/May. Local prices, however, are still down 16% from a year ago and down 41.6% from their peak of November, 2005. Many U.S. metro areas continue to do very poorly: Las Vegas prices are down 32.4% from a year earlier, Phoenix down 31.6%, and Detroit down 25%. The overall index embracing 20 metro areas dropped 15.4% in the second quarter from the previous year, an improvement over the 19.1% decline of the first quarter. S&P economist David Blitzer sees "positive signs" for the second straight month. However, investors must ask themselves how much of this slowing in the rate of decline is the result of massive liquidity (partly in the form of artificially low interest rates), along with subsidies for certain buyers.