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S.D. home prices still have not hit bottom
Date Posted: 2009-07-02

According to Mike Freeman of the San Diego Union Tribune, San Diego's housing market shows little sign of hitting bottom, with the widely watched Standard & Poor's/Case-Shiller index for September showing prices down a record 26.3 percent from a year earlier. Price declines in other markets also showed no sign of slowing, with home values in the 20 largest U.S. cities down 17.4 percent, according to Case-Shiller data released yesterday.

“The turmoil in the financial markets is placing further downward pressure on the housing market already weakened by its own fundamentals,” said David M. Blitzer of Standard & Poor's.

San Diego's housing market has been posting year-over-year price declines in excess of 20 percent since March – so yesterday's results weren't unexpected. What industry experts have been watching for, however, are signs that home prices are falling at a slower pace – perhaps signaling a market approaching bottom.

For homebuyers this means many homes to select from and with a recent decline of interest rates, borrwers can afford more home. for the full story please click on the link below.

http://www3.signonsandiego.com/stories/2008/nov/26/1b26housing1073 -sd-home-prices-still-have-not-hit-/?zIndex=16274
Posted by Nick Alameddin at 12:59:42
 
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