In yesterday’s San Diego Union Tribune the main story in the business section was titled “County and state home prices facing a ‘double dip’ They’re up from last year, but heading downward, Zillow and Realtors report“. I give credit to the Union for reporting the facts, but to toot my own horn, here is part of what I said back in this blog on 5-1-10, in a post titled San Diego California Home Prices … Worst is Over : “I believe the government tax credits (which may be mostly speeding up sales that would have occurred normally) and the fact that a huge number of loans were due to have their first adjustment this year, could cause a double dip in San Diego housing values.”
My point is that if you want a good indication about the current and future San Diego California home prices, you would be wise to get a free subscription to this blog.
Here are some facts from the most recent Seattle-based Zillow company report:
- San Diego and four other California markets were the only ones nationally that posted price declines in the third quarter after five quarters of increase.
- Zillow figures San Diego values are now 31.1 percent off their peak of $538,100 set in September 2005.
- Zillow’s figures for San Diego in the third quarter showed an overall home value of $370,600, up 4.2 percent year over year but a 0.7 percent decline from the second to the third quarter and 0.3 percent decline from August to September.
- Nationally, home values declined 4.3 percent year over year and 1.2 percent quarter over quarter. They have declined for 17 consecutive quarters and are down 25 percent their peak.
- 23.2 percent of single-family homeowners nationally owe more than their homes are worth.
