Home Prices Fall 19.1%
San Diego home prices
Today, the Standard & Poor’s/Case-Shiller National Home Price index reported home prices fell by 19.1 percent in the first quarter. This drop was the largest drop in the 21-year history of the Case-Shiller index. Compared with a month earlier, home prices decreased 2.2 percent in March, also the same as in February, today’s report showed.
David M. Blitzer, chairman of the S&P index committee said: “We see no evidence that a recovery in home prices has begun”.
The largest year-over-year declines in March, were in Phoenix prices down 36%, Las Vegas off 31.2% and San Francisco dropping 30.1%. Here in San Diego, the report showed the one year drop to be off 22%.
There is only another three months of the prime real estate selling season. What is going to happen in the fall and winter months to this industry?
I would think that this news will put an end to the talk of a bottom for the San Diego real estate market this year! San Diego real estate agents
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I thought recovery would start after the election. I believe that you cannot expect rapid growth for a number of years, however normal growth on a smaller scale is very doable. I believe it will vary from region to region and even from neighborhood to neighborhood in many instances in large cities as this really is a local business.
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Most very well qualified buyers were unfairly priced out of the market due to abnormal home prices, inflated demand for most sub-par properties, and predatory lending practices didn’t help either. It’s time for us to go back to the basics. It’s only fair that hard working Americans have a fair shot at the American dream. Need I mention that the Iraq and Afghanistan wars aren’t helping either?
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The issue at the core of the recovery is how long it will take to get the number of qualified buyers back. We have lost many homebuyers. All the people in foreclosure can’t buy for at least 3 years because of bank guidelines. Then they will have to save the money too. Plus we have taken some investors out of the market. At what point will new home buyers equal the old foreclosed people is the answer to when the market will come back. My guess is 3 to 5 years.
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It’s a great time to buy rental properties. The pool of renters keeps getting bigger and bigger.
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