The San Diego California Real Estate Great Depression
San Diego California real estate property values in many neighborhoods have now surpassed the average nationwide 30% drop seen during the1930's.
San Diego California resale condominium appreciation
In the table below, www.brokerforyou.com looked at selected San Diego neighborhoods that
had 10 or more closed sales in July 2008 & 2007.
The sales data was compiled by DataQuick Information Systems & published in the 8-24-08 edition of the San Diego Union-Tribune.
One should keep in mind the above chart is just for a one year period (July 2007 vs. July 2008) and
San Diego home values topped out around the Summer of 2005!
Below is a similar chart Brokerforyou.com produced and published in 2007 & comparing San Diego condo values from July 2006 to July 2007.
When one compares the condo value drops from the above chart with our latest chart for 2008, the magnitude of the real value loss can be clearly seen. As an example, in Clairemont for the latest one year period the value loss was 36.2%. Now add that to the approximately 20% loss show directly above, and we have a two year loss of just over 56%! The college area condo value drop from 2006 to 2007 was very modest. But, for the latest one year period alone it was down a starraging 51.6%!
Lastly, I would note that these figures do not take into account the very prevalent seller concession (usually payment of thousands in the buyer's closing costs) necessitated by an ultra strong buyers market place.
A few of our related prior posts were:
Yale Professor … House Price Decline Could Be Worse than Great Depression
Survey Says Home Values Must Fall Another 14%
Jumbo Financing and the Impact on The San Diego Real Estate Market
Believe the local San Diego ‘experts’ that subprime delinquencies are slowing?
More homeowners than ever are selling at a loss!
San Diego County Foreclosures up 125% from 2007