San Diego Real Estate – 5th Largest Decline Through July
San Diego California home values showed the 5th largest decline for the latest July 2007 to July 2008 S&P/Case-Shiller Home Price Indices.
“There are signs of a slow down in the rate of decline across the metro areas, but no evidence of abottom” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “Little positivenews can be found when cities like Las Vegas and Phoenix report annual declines as large as -29.9% and
-29.3%, respectively, and all 20 cities are still in negative territory on a year-over-year basis. The Sunbelt
continues to be the story, with the seven cities that basically represent that area reporting annual declines
roughly between 20 and 30%. While some cities did show some marginal improvement over last month’s
data, there is still very little evidence of any particular region experiencing an absolute turnaround.”
The table below summarizes the results for July 2008. The S&P/Case-Shiller Home Price Indices are revised for the 24 prior months, based on the receipt of additional source data.
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If you are going to buy a home that you are planning on living in, buy one that you can afford, taxes and insurance and maintenance included. The “asking” price does not tell the whole story, nor does the “adjustable” loan. People paid too much thinking they could flip the house, found no buyer and the adjustable loan was “adjusting”, just like they’d been warned. Of course, no one fore saw the gas prices, the electricity prices, the food prices going through the roof, and all the unemployment.
San Diego Real Estate Broker
Buying a home is a long term deal. I bought 10 years ago, value has doubled (a couple of years ago I could say tripled), and in 5 years house will be paid off. No more mortgage! Try that with a rental! Yeah… commute sucks.
Real Estate Specialist
This is the result of cooking the books to give home loans to people who otherwise couldn’t even get a car loan. The lenders and the borrowers are equally to blame. They created the bubble that burst- and who are the true victims?– those of us who could actually qualify for the loan and are still making house payments and homes that are rapidly depreciated due to the crooks and liars who cooked the books.
Dentist in Mexico
“They’re not making any more land”, “It’s different in (insert your city)”, “everyone wants to live here”, “buy now or be priced out forever”…etc. These are all the lines that the sheeple have bought into from the real estate industry and all their “experts”. Bottom, line: this is the tip of the iceberg. People seem to forget history, and how it has a way of repeating itself. This is not a 1 year “slump”, this is an end to a cycle of people’s pie-in-the-sky attitude about real estate. I cannot wait to buy a house in 3-5 years, when prices are REALLY good. If you buy now, you’re overpaying. Think about it: is 20% off an item that is marked up 400% a good deal?
San Diego Lawyers