Case-Shiller: 'Very Few Bright Spots'

Published: Tuesday, October 28, 2008 9:46 AM PDT

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House prices in San Diego County were down 25.8 percent in August compared to August 2007, and were down 32.8 percent from the peak in November 2005, according to the newest Standard & Poor's/Case-Shiller home price index released this morning.

The index marked a new record drop from the peak for prices in the region; it monitors homes that have sold at least once before.

The bottom tier -- homes priced less than $345,452 -- again showed the deepest decline, with a 33.7 percent drop year-over-year and a 42.6 percent drop from the tier's peak in June 2006.

The middle tier -- homes priced between $342,452 and $501,477 -- sustained a 24.9 percent drop year-over-year and a 33.4 percent drop from that tier's peak in November 2005.

And the high tier -- homes priced above $501,477 -- dropped 17.2 percent year-over-year and 22 percent from the peak in June 2006.

San Diego's record annual decline placed it as one of nine cities in the 20-city index to set such a record. The region's overall index dropped 2.3 percent from July's index released last month.

In a press release this morning, David Blitzer, chairman of the index committee at Standard & Poor's, said there are "very few bright spots in the data" used to measure house prices nationwide.

Check back for more later today.

-- KELLY BENNETT

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