Tuesday, April 29, 2008
A new report shows home prices are continuing to plummet in San Diego, declining more than 19 percent in February from a year earlier. That follows a drop of 16 percent just one month before. Reporter David Nogueras has more.
Across the nation home prices declined in 19 of the 20 housing markets covered by Standard and Poor's Case/Shiller Home Price Index .
Maureen Mateland is Vice President of Index services at Standard and Poor's. She says despite the decline here in San Diego, the local market is still relatively healthy.
She points out that home prices grew sharply over the last 10 years and are still almost twice what they were in 2000.
Mateland: So the decline in San Diego and some of these other markets that are in large decline they seem larger but it's really that they have grown so much. It's not that these markets are in much, much worse shape.
Mateland says because San Diego was one of the first markets to peak, it's possible it might also be of the first markets to turn around. But so far there's no sign of that happening anytime soon.
For KPBS, I'm David Nogueras.