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Looking Ahead At San Diego’s Housing Market

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Aired 12/31/09

San Diego is one of the few housing markets nationwide that has seen some price increases in recent months. But experts are cautious about what next year may bring.

San Diego is one of the few housing markets nationwide that has seen some price increases in recent months. But experts are cautious about what next year may bring.

Home sales in San Diego are on the rise. Russ Valone, of Marketpointe Realty Advisors in San Diego, says the resale housing market increased about 8 percent in the first 11 months of this year. Though new home sales countywide were way down from market highs, Valone says they did double from the beginning to the end of 2009.

“A lot of people feel that we hit the bottom and that the slide in prices has seemed to stabilize and in some instances and started to recover," Valone said. "Having said that, it will be a long time, if ever, before we see our God given right to 23 percent annual appreciation again.”

Valone says the shrinking housing inventory could increase sales. On the other hand, rising interest rates next year could put a damper on home buying activity.

Valone says another round of foreclosures could threaten to destabilize rising prices. He hopes banks will moderate that effect by agreeing to restructure more loans.

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