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Home Prices Still Declining


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DataQuick's monthly bolus of real estate statistics has arrived and been duly reported upon by our friends at the Union-Tribune. Executive summary: the median San Diego home price is down 4.4 percent in the past year.

Our preferred pricing indicator here at voiceofsandiego.org indicates that things may be slightly worse than even that. The median price per square foot is down about 6 percent since last year. That's for resale homes, whose prices seem to have been holding up better than those of new homes (the new home median was down 17 percent from a year ago).

In a related note, much has recently been made of a Moody's Economy.com housing forecast that predicted an 8.5 percent price decline for San Diego homes by mid-2008. Yet for as much angst as the Moody's report generated, it seems like rather an optimistic forecast considering that San Diego prices have already declined by almost that much. And between here and 2008 lie a lot of exotic mortgage resets.

-- RICH TOSCANO

A Nerd's Eye View

Rich Toscano is a financial advisor with Pacific Capital Associates*;
he also writes about San Diego real estate at Piggington's Econo-Almanac.
Contact him at rtoscano@pcasd.com.

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This Just In

Guilty Plea:

 Another Pendleton Marine pleads guilty in Hamdaniya case. » Nov. 6 -- 4:52 pm



Crime Rises in County:

 Violent crime increases countywide as property crime decreases.

Nov. 6 -- 4:02 pm


McGrory to Take the Stand:

 The city manager responsible for drawing up the first controversial pension deal in 1996 will lead off the string of witnesses this morning.

Nov. 6 -- 9:08 am


MOST POPULAR STORIES:

SURVIVAL IN SAN DIEGO

Funding Fight :

  A look at why the Housing Commission had to dip into its reserves to fund the winter homeless shelter program.

Nov. 6 -- 1:09 pm



LETTERS TO THE EDITOR

Reject Prop C:

 

Nov. 6 -- 5:22 pm



CAFÉ SAN DIEGO

Subsidizing Private Profits:

  Prop C doesn't prohibit public safety from being contracted out.

Nov. 6 -- 4:50 pm



COMMENTARY: SLOP

The Monday San Diego-Tube :

  AHHHHH!

Nov. 6 -- 11:28 am



COMMENTARY: RICH TOSCANO

NAR's Propaganda Patrol :

  The National Association of Realtors continues to look for trouble.

Nov. 6 -- 4:58 pm

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