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Home values in San Diego County dropped 0.6% in August from July, according to Case-Shiller data coming out this morning (Oct. 26) from Standard & Poor's. July values had risen 0.7% from June. Fifteen of the 20 major metropolitan areas experienced declines in August. San Diego values remained up 6.9% from August of the previous year, but that was down from the 9.3% year-over-year increase in July. Yearly gains in San Francisco and Los Angeles also declined significantly. David Blitzer of S&P said this morning's reading is "a disappointing report. Home prices broadly declined in August...the housing market continues to bounce along the recent lows...It does not seem that any of the markets are hanging on to the temporary momentum caused by the homebuyers' tax credits." San Diego values are down 34.5% from their November 2005 peak.
Home values in San Diego County dropped 0.6% in August from July, according to Case-Shiller data coming out this morning (Oct. 26) from Standard & Poor's. July values had risen 0.7% from June. Fifteen of the 20 major metropolitan areas experienced declines in August. San Diego values remained up 6.9% from August of the previous year, but that was down from the 9.3% year-over-year increase in July. Yearly gains in San Francisco and Los Angeles also declined significantly. David Blitzer of S&P said this morning's reading is "a disappointing report. Home prices broadly declined in August...the housing market continues to bounce along the recent lows...It does not seem that any of the markets are hanging on to the temporary momentum caused by the homebuyers' tax credits." San Diego values are down 34.5% from their November 2005 peak.