San Diego home prices declined in January for the 22nd straight month. Over the last year, San Diego saw the fourth sharpest drop amolng 20 areas sureveyed nationwide. KPBS reporter Andrew Phelps has details.
On average, a house purchased in January 2006 has lost 20 percent of its value in two years. That's according to new data from the Standard & Poor's/Case Shiller index.
S&P vice president Maureen Maitland says the local housing market continues its downward spiral, but we there are some signs the market is near the bottom.
Maitland: Prices are still falling. This latest month they fell at a lower percentage than they did in November over December. A bit of an improvement in January over December, but everybody must remember that one month can't make a trend.
Long-time homeowners can take some comfort. Maitland says a home purchased in 2000 is still worth twice as much today. She does not expect prices to drop below those pre-2000 levels.
Andrew Phelps, KPBS News.
