The latest Case-Shiller report shows San Diego homes lost 24.8% in 2008. Ihe 20-city index showed that no area experienced year-over-year price gains, the ninth straight month that has happened.
Below is the Case-Shiller 20 city detail:
Home Prices, by Metro Area
(About the numbers: The Case Shiller indices have a base value of 100 in January 2000. So a current index value of 150 translates to a 50% appreciation rate since January 2000 for a typical home located within the metro market.)
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San Diego Real Estate Blog » Blog Archive » 2009 San Diego Median …
– This means if you’re buying a home in these areas it could very well drop in value less than other areas of San Diego County. From January 2008 to January 2009 this was exactly what happened and is a good trend going into 2009 for home …
Foreclosure Sales and Pretend Pricing — The San Diego Home Blog
– Now, the lender pricing method, or as we call it, the pretend pricing method (PPM) is an entirely different and oft-mysterious approach to the whole conundrum of determining what the market value really is for a home. …
Luxury home prices keep falling in California as market continues …
– Meanwhile, San Diego, often cited as a bellwether in the California real estate market, saw luxury homes lose 8.3 percent in value over the past year and 2.2 percent since the third quarter — down to an average of 1.93 million dollars. …
The thing that makes economics more of an art than a science is that conditions out in the real world are always changing. Wnile a laboratory experiment controls the circumstances, “the economy” at any given time is largely unique. Factors may be somewhat similar to other times, but economies do not duplicate.
And the fact that economic cycles do not recur at precise intervals does not invalidate the cycles.
Looking at the mass of derivatives we have currently and the direction we’re in, it is probable that there’s a long downside left in this cycle. And there probably isn’t a “cure”. The idea that there is some magic “right” thing to do to fix everything is a myth. A very popular myth. Especially among our “leaders”. The mantra of our leaders is “We can’t just do nothing” when doing nothing and letting the markets work their way out of it is probably as good a tactic as any.
If humans were so damn smart they wouldn’t create messes like this in the first place.
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Negative equity is a big deal no doubt but I believe that job loss is what will really create a wave of foreclosures this year.
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Obviously negative equity didn’t cause this mess because at the beginning of the mess no one had negative equity. What negative equity will cause is the next wave. Alt-A and Option Arms will default voluntarily and walk away. We’re half way through by my measure.
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One big reason loans will continue to default in mass is that no one can afford to sell their home. In my area condos sold for $430,000 to $490,000 are now being sold in foreclosure between $199,000 and $235,000!
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