Wednesday, February 13, 2008

San Diego House Prices Fall to 4 Year Low

by Bill McBride on 2/13/2008 01:21:00 PM

From SignOnSanDiego: Median housing prices in county hit 4-year low (hat tip iceman)

San Diego County median home prices fell last month to their lowest level in four years with nearly half of existing homes selling at a loss in the face of mounting foreclosures, DataQuick Information Systems reported yesterday.
[DataQuick analyst Andrew LePage] said a record 34 percent of resale homes last month were previously in foreclosure and 9 percent were in default. Nearly half of all resale houses and condominiums were sold at a loss from when they were last purchased. The median loss was about 25 percent.

By comparison, 5.3 percent of resales in January 2007 had been in foreclosure.
The overall median price slipped $1,000 from December and $43,000 from a year ago to $429,000, the lowest since February 2004.
Prices are back to Feb 2004, and based on future prices, probably headed much lower.