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"San Diego was the only market that continued to show improvement in home prices between January and February," says Standard and Poor's, reflecting on the Standard and Poor's/Case-Shiller indices released this morning (April 27). San Diego home values rose 0.6% between January and February. All other metro areas in the top 20 saw price declines. San Diego's rise was up from a 0.4% gain between December and January. Only Los Angeles topped San Diego's December/January gain. Over the last year, San Diego values rose 7.6%. That is second to San Francisco, up 11.9%. Half of the 20 enjoyed increases over the last year. San Diego's home values are down 37% from the November 2005 peak.
Looking at the data from all 20 cities, Standard and Poor's economist David Blitzer says, "It is too early to say that the housing market is recovering...We are not completely out of the woods." The homebuyer tax credit, available until the end of April, probably caused better numbers, says Blitzer. "We should also pay heed to foreclosure activity, which has reached its highest level in at least the last five years.. As these homes are put up for sale, we may see some further dampening in home prices."
"San Diego was the only market that continued to show improvement in home prices between January and February," says Standard and Poor's, reflecting on the Standard and Poor's/Case-Shiller indices released this morning (April 27). San Diego home values rose 0.6% between January and February. All other metro areas in the top 20 saw price declines. San Diego's rise was up from a 0.4% gain between December and January. Only Los Angeles topped San Diego's December/January gain. Over the last year, San Diego values rose 7.6%. That is second to San Francisco, up 11.9%. Half of the 20 enjoyed increases over the last year. San Diego's home values are down 37% from the November 2005 peak.
Looking at the data from all 20 cities, Standard and Poor's economist David Blitzer says, "It is too early to say that the housing market is recovering...We are not completely out of the woods." The homebuyer tax credit, available until the end of April, probably caused better numbers, says Blitzer. "We should also pay heed to foreclosure activity, which has reached its highest level in at least the last five years.. As these homes are put up for sale, we may see some further dampening in home prices."