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S.D. Home Prices Fluctuate, Sales Still Down

Audio

Aired 2/18/10

San Diego home prices are down from last month, but still $25,000 higher than one year ago. What does the latest data tell us about the local real estate market? We speak to the real estate reporter for the San Diego Union-Tribune, and a real estate broker about the latest news on the local market.

Maureen Cavanaugh: The new year has started with some unsettling news for San Diego's housing market. There was a 7.6 percent drop in the median home price last month. That drop wiped out all the small gains in housing prices during the last quarter of 2009.

But market analysts tell us not to worry, January and February are unreliable months for San Diego real estate. The real story about housing prices will be told this spring.

So where does all that leave us?

Guests

Roger Showley, staff writer for the San Diego Union-Tribune who covers real estate.

Matt Battiata, CEO of the Battiata Real Estate Group.

Comments

Avatar for user 'Grant'

Grant | February 18, 2010 at 9:39 a.m. ― 4 years, 7 months ago

A home near me was put on the market but no one would answer the phone or return calls on a phone machine. It was eventually bought by the real estate company with I assume no other bids. It is being fixed up to be flipped.

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Avatar for user 'Thom'

Thom | February 18, 2010 at 9:52 a.m. ― 4 years, 7 months ago

Interesting to hear about the inventory level being held articially lower by the banks. I had suspected that the vacant homes I've seen were bank owned, but there are no for sale signs in the front yards.
Also interesting to hear people say it's not fair they have to pay such a high amount for their housing when they are the ones who agreed to the mortgage. Nobody was complaining about the payments when the market was going up so fast. It is called a business decision to stop paying a mortgage if the bet didn't pay off? Unfortunatley that translates into higher bank fees and lower savings account interest rates for everyone else since the bank isn't making the interest on the mortgages.

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Avatar for user 'acardozo'

acardozo | February 18, 2010 at 10:18 a.m. ― 4 years, 7 months ago

It’s really sad to see that people still blame them self for the housing situation we are in. I can see that some professional flippers knew the risk they were doing but not all of us. These banks were doing predatory lending and targeting mostly minorities in certain communities, every well knowing what was to come. These banks need to get sued for these practices and make of these loans good. We don’t need any more laws passed to do this, matter of fact remember Mike Aguirre was trying to do this before he lost his race. This is corruption at the highest level on all part of government.

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