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Home Prices Still Declining

E-MAIL STORY

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.

Recent Nerd's Eye View Posts

So Much for That Housing Shortage (October 20)

Home Prices Still Declining (October 18)

A Wrench in the EZ-Credit Works (October 6)

Rates On the Decline (October 5)

Declining Home Inventory (October 3)

Part Precision, Part Luck (October 2)

A Year Or Two? (September 27)

Amaranth versus a CD (September 25)

Hedge Funds (September 25)

*Investment advisory services and securities offered through Girard Securities, Inc., member SIPC/FINRA.

This Just In

Study: No Significant Harm from MB Landfill:

The report commissioned in 2002 to study the effects of the old Mission Bay landfill on the area nearby is complete. No significant contamination has flown into the bay, the report said.

Friday, October 20 -- 8:08 pm

Peters: I'll hear NBC appeal:

The council president said he would hear an appeal of the city staff's decision that the environmental study for the Navy Broadway Complex suffices, but has not received any documents requesting a hearing.

Friday, October 20 -- 8:09 pm

SDCERS Tweaks Deficit Calculations:

The retirement system's invoice for the city next year will include payment for benefits that were not accounted for in past bills.

Friday, October 20 -- 3:35 pm

Profit or Loss :

Are home sellers who won't reduce prices forgetting how much they paid for their homes in the first place?

Friday, October 20 -- 3:27 pm

LETTERS TO THE EDITOR

Prop A Should Fail on Election Day:

Friday, October 20 -- 5:14 pm

CAFÉ SAN DIEGO

Agree and Disagree :

A real reform should have targeted corruption head on.

Wednesday, October 18 -- 5:39 pm

COMMENTARY: SLOP

Let's Hire That Guy :

An English investor saw Amaranth for what it was and got out -- right before the county pension got in.

Friday, October 20 -- 5:58 pm

COMMENTARY: RICH TOSCANO

So Much for That Housing Shortage :

Supply of for-sale San Diego housing continues to outstrip demand.

Friday, October 20 -- 3:46 pm

'The Powers to Be':

A little recognition. » Nov. 21 -- 4:03 pm

Libraries Could Be Spared:

It doesn't look like the mayor has the City Council votes to shut down libraries and rec centers.

Nov. 21 -- 2:02 pm

Opening Day Melee:

The first day a store opens, shoplifters have a field day.

Nov. 21 -- 11:43 am

SURVIVAL IN SAN DIEGO

Unemployment Rate Reaches 6.8 Percent:

Retail and construction sectors lose a combined 10,000 jobs over the year in San Diego County.

Nov. 21 -- 5:43 pm