Home Prices Continue Slide

An Orange Avenue home that sold in September, a period in which home prices slipped for the second consecutive month.

 

September home prices in San Diego were down 5.4 percent from September 2010 and down 0.8 percent from August, the latest figures in the Standard & Poor’s Case-Shiller Home Price Index showed today.

The monthly drop was the second in a row after four months of increases.

The S&P Indices took home prices in 20 markets in January 2000 and assigned them a value of 100, and tracked the subsequent growth or decline.

San Diego’s index value in September was 153.72, which ranks fifth behind Washington, D.C., New York, Los Angeles and Boston.

Atlanta, Detroit and Las Vegas are the three markets which have fallen below 100 in the past 11 years, indicating seriously hampered markets.

“Over the last year, home prices in most cities drifted lower,” said David Blitzer, chairman of S&P Index Committee.

He said the “plunging collapse of prices seen in 2007-2009 seems to be behind us.”

New York, Portland and Washington, D.C. were the only markets to record price increases between August and September, according to the index.

 

– City News Service

 

 


4 Comments

  • Ned Racine

    Is now the time to buy more real estate in the midwest (chicago area), or will the prices continue to decline?
    I live in nw indiana 30 miles east of chicago n a very nice college town. I already own my home with no mortgage, and am considering doing another purchase..Will prices continue to slide or will they srtabilize? Should I buy with the intention of doing a ‘flip’ or buy just to rent out?

  • ChoDuffield

    Really? There is NO WAY for anyone here to know. Any answer you get to the contrary is a complete guess.
    References :

  • Abhijit

    Don’t wait for more than a month hence. Things will be a little dicey after that. Don’t buy anything without a ‘thorough search’ about it. Abhijit.
    References :
    Ask Abhijit

  • John

    A lot of data has been indicating that prices are stabilizing. If you have cash, you can pick up properties for a great price right now. If you have great credit, you can get a fantastic loan.

    One of the best bets right now is to invest in college towns like your own. We’ve seen modest increases in price in Bloomington (where I work as a Realtor) over the last few years after not seeing a big decline. Many other college towns are the same way.

    Right now real estate is struggling with poor inventory, loan availability and the continued backlog of foreclosures. Until these issues are resolved I don’t think values are going to rise that much. However I doubt prices are going to go down significantly as well. Good luck!
    References :
    http://www.callcarpenter.com/johngoetz

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