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There are signs of weakening U.S. housing prices in the March data from Standard & Poor's/Case-Shiller, but San Diego is the star. San Diego area home values rose 1.5% from February to March. That tied San Francisco for first place among the top 20 markets. A full 14 of the 20 largest markets suffered price drops in that period. Over the last year, San Diego home values have risen 10.8%. That's topped only by San Francisco's 16.2% rise. "San Diego, in particular, has stood out with 11 consecutive months of increasing home prices," says S&P. However, San Diego values are now down 36% from the peak in November of 2005. Overall, "The housing market may be in better shape than this time last year, but, when you look at recent trends, there are signs of some renewed weakening in home prices," says S&P's David M. Blitzer. "Tax incentives are ending and foreclosures are climbing."
There are signs of weakening U.S. housing prices in the March data from Standard & Poor's/Case-Shiller, but San Diego is the star. San Diego area home values rose 1.5% from February to March. That tied San Francisco for first place among the top 20 markets. A full 14 of the 20 largest markets suffered price drops in that period. Over the last year, San Diego home values have risen 10.8%. That's topped only by San Francisco's 16.2% rise. "San Diego, in particular, has stood out with 11 consecutive months of increasing home prices," says S&P. However, San Diego values are now down 36% from the peak in November of 2005. Overall, "The housing market may be in better shape than this time last year, but, when you look at recent trends, there are signs of some renewed weakening in home prices," says S&P's David M. Blitzer. "Tax incentives are ending and foreclosures are climbing."