The Morning Report
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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