Tom Fudge: Lately, the news about home prices in San Diego has shown us a flat and somewhat declining market. In June of this year, the median price of a home was down two percent from a year before. That's according to DataQuick Information Systems.
Any reduction in home prices could be seen as a welcome adjustment, following a time when the prices of homes were greatly inflated. But before we think this is good news, there are some very disturbing facts about the number of homes that are in foreclosure. It raises the question of how many San Diegans overreached as they strove to buy homes.
Also, the number of homes actually being sold is down substantially. Most experts believe if sales were the same now as they were a year ago, the median home price would be much lower. If you bought a house two years ago and had to sell it today, how much would you lose?
Guests
- Carl Larsen, editor of the homes section for the San Diego Union-Tribune .
- John Karevoll, analyst with DataQuick Information Systems.
