San Diego County home prices fell again, reflecting what’s happening in most of the other major U.S. markets, a key housing report showed Tuesday.
Local property values fell 0.9 percent in November from October, marking the fourth straight monthly drop for the county, based on the most recent S&P/Case-Shiller home-price index. When comparing November 2011 to November 2010, prices fell 5.4 percent; that’s the 10th year-over-year decline for San Diego.
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The declines in residential real estate show that most homeowners are not reaping the benefits from some signs of an improving housing market nor able to take advantage of historically low mortgage rates.
“Despite continued low interest rates and better real GDP growth in the fourth quarter, home prices continue to fall. Weakness was seen as 19 of 20 cities saw average home prices decline in November over October,” David M. Blitzer, chairman of the S&P index committee, said in a statement.
Read more: http://www.utsandiego.com/news/2012/feb/01/tp-countys-home-prices-continue-long-slide/
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