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Standard & Poor's Case-Shiller home price indices published this morning (Sept. 28) show San Francisco, San Diego and Los Angeles home values continuing to rise stoutly on a year-over-year basis, but S&P's David Blitzer says those expecting a return to lofty 2005-2006 levels may be disappointed. "Stable prices seem more likely," he says. San Diego home values rose 9.3% in July from a year earlier. San Francisco's were up 11.2% and Los Angeles's 7.5%, as California continued to pace the national rebound. One positive: San Diego values rose 0.7% from June to July versus 0.4% from May to June. However, Case-Shiller numbers are smoothed over several months. The effect of the first-time home buyer stimulus still has not faded from the numbers, warns Blitzer.
Standard & Poor's Case-Shiller home price indices published this morning (Sept. 28) show San Francisco, San Diego and Los Angeles home values continuing to rise stoutly on a year-over-year basis, but S&P's David Blitzer says those expecting a return to lofty 2005-2006 levels may be disappointed. "Stable prices seem more likely," he says. San Diego home values rose 9.3% in July from a year earlier. San Francisco's were up 11.2% and Los Angeles's 7.5%, as California continued to pace the national rebound. One positive: San Diego values rose 0.7% from June to July versus 0.4% from May to June. However, Case-Shiller numbers are smoothed over several months. The effect of the first-time home buyer stimulus still has not faded from the numbers, warns Blitzer.