San Diego Home Prices Rise Again
Tuesday, October 30, 2012
SAN DIEGO San Diego home values jumped in San Diego and almost all of the nation's top 20 markets. The Standard and Poor's Case Schiller home price index rose 2 percent when the nation's 20 largest markets are put together.
Aired 10/30/12 on KPBS News.
A survey of the nation's top housing markets showed another gain in home values in August.
That largely reflected the trend in San Diego. Local prices rose 1.9 percent during the same time period. The survey also showed home value gains in San Diego for every month since January.
Some say the housing market is on the cusp of a recovery.
"What our anticipation here is, we're gonna pick up paces from here," said Marney Cox, the San Diego Association of Governments chief economist. "We'll no longer see the 1.3 percent rates of growth, or 2 percent, from this last quarter. But instead we'll begin to rise above that and hit the 2.5 and 3 percent rates of growth."
There are some concerns about the fragile bounce upward, said Cox, who worries about major events overtaking the improvement.
The federal government could impose huge spending cuts and tax hikes at the end of the year as lawmakers try to avoid what some are calling the "Fiscal Cliff." Cox said Europe's economic troubles could also wash out a weak recovery here.