San Diego - Cooling Real Estate Market

The post below was from Fox6 a local TV station in San Diego.
The article's ending question shows that the general public still does not get the fact that the real estate market has turned! By December or January the question will be "How much further down will the real estate market go?" With over 27 years in residential real estate, my best guess for San Diego is 20 to 40 DROP!

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Cooling Real Estate Market
A modest 2.1 percent rise in housing prices in San Diego County over the past year may foreshadow a weakening real-estate market in the rest of Southern California.
Median prices in Los Angeles County rose 21.4 percent, 13.6 percent in Orange County and 16.2 percent in Riverside County, according to La Jolla-based DataQuick Information Systems.
The number of homes sold in San Diego County in August declined 3.6 percent compared to the same month last year, and homes took longer to sell, DataQuick analyst John Karevoll said.
"They're due for a decline in appreciation rate," he said, referring to home prices elsewhere."It's just that San Diego is anywhere from six months to a year ahead of the rest of the region."
The year-over-year rate of appreciation in San Diego County was lowest since April 1999, when the median price of a single-family home stood at $196,000.
The median price last month was $493,000, compared to $483,000 in August 2004.
"San Diego is the county that is kind of the furthest off into this uncharted statistical territory, so everybody's wondering what will happen locally," Karevoll said.
"The big question there is, will prices decline significantly or will they flatten out?"