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San Diego home values are now down 37.9% from the peak of November, 2005, according to data from Standard & Poor's/Case-Shiller that came out this morning (Dec. 29). The improvement in home values is slowing down in San Diego, as it is in other metro areas. Local prices rose from September to October by 0.4%. However, they had risen by 0.9% from August to September. San Diego prices are down 2.4% for the year. That's better than the drop of 7.3% for the 20 major metropolitan areas. The worst performer nationwide is Las Vegas, down 28.6% this year. "All in all, [the October] report should be described as flat," says David Blitzer, economist for S&P. "The turnaround in home prices seen in the spring and summer has faded." But it's too soon to say that home values will take a second dip, he says.
San Diego home values are now down 37.9% from the peak of November, 2005, according to data from Standard & Poor's/Case-Shiller that came out this morning (Dec. 29). The improvement in home values is slowing down in San Diego, as it is in other metro areas. Local prices rose from September to October by 0.4%. However, they had risen by 0.9% from August to September. San Diego prices are down 2.4% for the year. That's better than the drop of 7.3% for the 20 major metropolitan areas. The worst performer nationwide is Las Vegas, down 28.6% this year. "All in all, [the October] report should be described as flat," says David Blitzer, economist for S&P. "The turnaround in home prices seen in the spring and summer has faded." But it's too soon to say that home values will take a second dip, he says.