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San Diego County home prices climbed 2.5% from June to July, according to Case-Shiller/Standard & Poor's data released this morning (Sept. 29). Only three of the top 20 metro areas did better. San Diego prices had risen a lesser 1.6% from May to June. Prices are down 12.3% from a year ago. Earlier, the year-over-year decline had been about twice that. Prices are now down 40% from their peak in November of 2005. The annual rate of decline for the 20-city composite continues to decelerate, notes Standard & Poor's economist David M. Blitzer. However, he warns that the first-time buyer's tax credit is scheduled to expire in November. Higher unemployment rates and a possible increase in foreclosures could also hamper the seeming recovery.
San Diego County home prices climbed 2.5% from June to July, according to Case-Shiller/Standard & Poor's data released this morning (Sept. 29). Only three of the top 20 metro areas did better. San Diego prices had risen a lesser 1.6% from May to June. Prices are down 12.3% from a year ago. Earlier, the year-over-year decline had been about twice that. Prices are now down 40% from their peak in November of 2005. The annual rate of decline for the 20-city composite continues to decelerate, notes Standard & Poor's economist David M. Blitzer. However, he warns that the first-time buyer's tax credit is scheduled to expire in November. Higher unemployment rates and a possible increase in foreclosures could also hamper the seeming recovery.