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San Diego's Housing Market is Third Weakest in the Nation

Numbers released this week show San Diego's slumping residential real estate market is the third weakest in the country -- tied with Detroit.

San Diego's Housing Market is Third Weakest in the Nation

Numbers released this week show San Diego's slumping residential real estate market is the third weakest in the country -- tied with Detroit.

One economist who watches San Diego and Southern California doesn't expect a very quick recovery. Steve Cochrane is Senior Economist with Moody's Economy.com. He says we probably won't even see the bottom of the housing market soon.

Cochrane: I really think it could be another year before we really see a firm bottom and things start turning around. I think 2008 is just going to be a year of readjustment and correction in the market. There's such an ample supply of housing out there... And my guess is that supply will rise further before it falls.

Cochrane says the rise will come because he expects even more foreclosures in San Diego county in the next three to six months. And that's the expectation if the broader economy doesn't get worse.