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S&P Index Shows 15% Drop in San Diego Home Prices Last Year

The Standard & Poor's/Case Shiller index shows San Diego home prices fell 15 percent last year. That's the biggest drop in 20 years of record-keeping. KPBS reporter Andrew Phelps has more.

S&P Index Shows 15% Drop in San Diego Home Prices Last Year

The Standard & Poor's/Case Shiller index shows that San Diego home prices fell 15 percent last year. That's the biggest drop in two decades of record-keeping. KPBS reporter Andrew Phelps has more.

2007 was a bad year for San Diego home prices. The only markets that fared worse are Miami, Las Vegas, and Phoenix. S&P vice president Maureen Maitland says San Diego has not hit bottom just yet.

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Maitland: I mean, I don't want to be too "gloom-and-doomy," you know?

She expects prices to keep falling for the next few months, but:

Maitland: The other side of the story of San Diego is that, as of today, the San Diego home price market is still 100 percent above where it was in 2000. So while we're going through a sharp decline at this point, the market in general over the last 10 years has fared quite well.

Maitland says San Diego's housing market is in a recession, but not a deep recession.

Nationwide, she says the one-year price drop of nearly 9 percent is the worst in two decades.

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Andrew Phelps, KPBS News.