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San Diego Home Values Fell In November

Aired 1/10/12 on KPBS News.

A California-based information company says distress inventory is hurting home values.

CoreLogic says home prices fell for the fourth straight month in November. The company tracks property transactions for businesses and governments.

A local home for sale in San Diego.
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Above: A local home for sale in San Diego.

The firm's latest home price index saw San Diego home values fall nearly 7 percent when compared to a year earlier. In nearby Riverside County, values fell about 6 percent.

The report says the sale of distressed inventory pulled values down. Distressed sales include short sales and properties in the foreclosure process. The company says when the distressed inventory is eliminated, San Diego home values only fell 2.3 percent. In Riverside County they dropped 3.1 percent.

The company's chief economist said home prices in the healthy non distressed market will likely see a modest decline for the year, when the December numbers are included.

Comments

Avatar for user 'ivanwaddle'

ivanwaddle | January 11, 2012 at 1:56 a.m. ― 2 years, 8 months ago

If you move and sell the home before you have recouped the costs, you won't end up receiving a financial benefit from refinancing. Use our refinance calculator to help you decide. Check out 123 Refinance calculator to find your refi rates in seconds.

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Avatar for user 'Satariel'

Satariel | January 11, 2012 at 3:25 p.m. ― 2 years, 8 months ago

Good. This is in line with my plan to buy in 2013... I will strike like a snake, at the exact moment when home prices are at their lowest, and interest rates begin to bounce off the bottom.

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