San Diego Home Prices
The Standard & Poor’s/Case-Shiller home-price index released today showed that prices fell in January from December in 16 of 19 cities.
The Case-Shiller monthly index covers half of all U.S. homes. It measures prices compared with those in January 2000 and creates a three-month moving average. The January data are the latest available.
The January drop in home prices was the fifth straight month of declines in most major U.S. cities, as modest sales increases have yet to boost prices. Just Denver, Detroit and Phoenix posted year-over-year increases.
Here is sunny San Diego, the report was quite gloomy. San Diego home prices fell 1.1% from December 2011 to January 2012, but, when one looks at a full year time period, the facts are not very upbeat. The Standard & Poor’s/Case-Shiller index change from January 2011 to January 2012 for San Diego, showed home prices off 5.3%.
Home Prices Back to 2002 Levels
With home prices off in 17 of the 20 cities in January compared to the same month in 2011. This nationwide index of prices has now fallen 34 percent since the housing bust and is now at 2002 levels!
The only good news one can take away from this report, is that home prices are the most affordable they’ve been in decades and mortgage rates, are near record lows.
