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In another month of record price declines, San Diego County home prices dropped 19.2 percent year-over-year and 24 percent from the November 2005 peak, according to the closely watched Standard & Poor’s/Case-Shiller home price index for February 2008, released this morning.
The index tracks prices on the same homes over the years. It doesn’t measure condos or new homes. Broken into three tiers by price, the lowest tier continued to fare the worst but was followed by growing losses in the middle and high tiers, in tier breakpoints as of February 2008.
Lowest tier: (priced under $405,028) Prices were down 27.5 percent from Feb. 2007, down 31.6 percent from peak of June 2006.
Middle tier: (priced between $405,028 and $609,200) Prices dropped 20.4 percent year-over-year and 26.1 percent from the Nov. 2005 peak.
High tier: (priced higher than $609,200) Prices were down 12.5 percent compared to a year earlier and 17 percent from the June 2006 peak. (Last month, this tier saw a 10 percent year-over-year and 15 percent from-peak drop, which were the larger drops yet at that time.)
Also this morning, RealtyTrac reported foreclosure filings, the records filed when a home enters a new stage of foreclosure, for the three-month period ending at the beginning of April.
San Diego County quarter one filings numbered 15,315, which the firm estimated to measure about one home in every 74 in the county. That marked a 48 percent increase from the previous quarter, fourth quarter 2007, and a 252 percent increase from the same quarter last year.
The total was more than eight times as large as the total filings recorded in the same quarter two years ago.