San Diego Home Prices Increase
San Diego home prices
The S&P/Case-Shiller Home Price Indices show San Diego home prices rise 0.4% in November as well as a 0.4% year over year price increase. Although this is a very small increase, it’s still an increase! This is significant, because the latest Case-Shiller report also showed that U.S. home prices fell in November for the first time in seven months.
Prices have risen in Los Angeles, Phoenix, San Diego and San Francisco for at least six consecutive months. Year over year, Dallas, Denver, San Diego and San Francisco have all entered positive territory, something not seen in at least two years in most markets.
Stuart Hoffman, chief economist with PNC Financial Services forecasts a flat 2010 — not a bad thing after the steep drops of the past three years.
“The furious ride down on home sales and prices is pretty much behind us,” he said. “I don’t think we’re going up anytime soon. We’ve hit the flat part of the roller coaster ride.”
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It’s probably not a plateau .. but rather just timed to the month in which the original sale occurred. Fewer sales around Christmas holidays, more as the school year ends and families made the move into a different home.
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2010 will be an interesting ride..
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2010 will indeed be an interesting ride… Wait for the next wave of foreclosures coming due to the reset of 5/25 ARM’s and recasts of Pay-Option ARM’s on which borrowers have only paid the minimum payments. Unemployment will continue to effect the prime borrowers as well, and as a result there will be more defaults and, well… you know. The temporary plateau is just that… However, that is just my opinion. Oh, did I forget to mention the coming commercial meltdown? Another topic, another day…
All one has to do is look at the immense amount of high end inventory hitting the market in La Jolla, Rancho Santa Fe etc. These homes are the reason for the Median price increase. This is misleading. This huge amount of inventory will be dropping in price over the next year or so. This will pull down the entire San Diego housing market. Do not be fooled.
These are the people who treat their mortgages like a business deal and not a moral obligation. They will walk. Understanding this will save you hundreds of thousands. The cliff is approaching.
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