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jpinpb
Posts:1450
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| 09/30/2008 2:25 PM |
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I'm sure many of you have seen this already. And for some of us monitoring, this is no news.
"Housing prices continued to decline in July in San Diego County and most other metro areas, according to the Standard & Poor's/Case-Shiller Home Price Index released Tuesday. San Diego prices dropped 1.8 percent from June to July and a record 25 percent from July 2007, returning to levels last seen in August 2003
San Diego continued to show the fifth-largest declines among 20 areas monitored. Las Vegas ranked first, down 29.9 percent on a year-over-year basis, followed by Phoenix, Miami and Los Angeles.
No markets were up from July 2007 but six showed slight improvement from June, led by Denver, up 0.8 percent.
David M. Blitzer, chairman of S&P's index committee, said in a statement that the latest figures suggested prices weren't delining as rapidly, but he saw “no evidence of a bottom.”
“While some cities did show some marginal improvement over last month's data, there is still very little evidence of any particular region experiencing an absolute turnaround,” he said.
The Case-Shiller figures set each area's index at 100 as of January 2000. Using that methodology, it is possible to track the relative rise and fall of prices month by month.
For San Diego the index level rose a peak 250.3 in November 2005, meaning that median prices were 2½ times their level of January 2000. Coincidentally, local research firm AMD DataQuick also reported the highest median home price for the county, $517,500, in November 2005.
The July 2008 index for San Diego stood at 172.20, which means that prices have dropped down 31.2 percent from the peak but are still 72.2 percent higher than they were in January 2000.
DataQuick's July overall median from San Diego stood at $364,000, down 29.7 percent from the peak. For single-family resales, DataQuick's median has dropped a bit more from the peak, down 30.5 percent from $574,000 in May 2006 to July's $399,000.
In line with Blitzer's observations, San Diego's price slide accelerated to a maximum drop of 3.4 percent on a month-over-month basis last November before slowing down to a 1.4 percent drop in May.
On a year-over-year basis, the latest downturn was the worst on record in a downward trend that began in August 2006. By contrast, in the real estate runup, the Case-Shiller price index rose by a maximum 33.5 percent in July 2004.
In the previous real estate cycle in the late 1980s and early 1990s, the year-over-year index rose a maximum 27.3 percent in June 1989 and fell no more than 6.4 percent in August 1993."
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Brian
Posts:2210
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| 09/30/2008 2:42 PM |
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5 years of mortgage payments "thrown-away" for the people who bought in 2003.
+ enormous equity "thrown away" for those who bought later.
With inflation, it's more like back to 2001 inflation-adjusted prices.
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dtboland
Posts:11
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| 09/30/2008 4:33 PM |
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I am closing on a 1 bed 1 ba 845 sq ft condo at Palermo. I offered $250K and it was accepted. Its an REO?
What does everyone think is this a good value for $250K? It seems like it is to me considering that the exact same unit 1 floor lower just sold for $350K last month. |
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dtboland
Posts:11
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| 09/30/2008 4:33 PM |
Alert
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I am closing on a 1 bed 1 ba 845 sq ft condo at Palermo. I offered $250K and it was accepted. Its an REO?
What does everyone think is this a good value for $250K? It seems like it is to me considering that the exact same unit 1 floor lower just sold for $350K last month. |
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dtboland
Posts:11
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| 09/30/2008 4:33 PM |
Alert
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I am closing on a 1 bed 1 ba 845 sq ft condo at Palermo. I offered $250K and it was accepted. Its an REO?
What does everyone think is this a good value for $250K? It seems like it is to me considering that the exact same unit 1 floor lower just sold for $350K last month. |
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jpinpb
Posts:1450
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