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San Diego Real Estate 2011 Forecast

Bob Schwartz, San Diego real estate brokerSan Diego Real Estate 2011 Forecast

I foresee another year of San Diego home value erosion.

The only bright spot in 2010, was the Federal and California state home buyer credits that artificially created and temporally created a modest home value, short lived average price up-tick.

Some of the reason's continued trouble ahead in 2011, are the attitudes formed toward homeownership by first time buyers, the impact of California's own Cap & Tax energy program, past overbuilding of high end homes based on false loan qualification practices, and the large amount of foreclosures banks still have to process. * Read the full article: San Diego real estate market 2011 forecast

San Diego Real Estate Prices … Have They Hit Bottom?

In the just released Case-Shiller home price index, the leading measure of U.S. home prices, San Diego house values rose 0.4 percent in June compared with May, and 11.2 percent compared with June 2009.

This report showed the U.S. National Home Price Index rose 4.4% in the second quarter of 2010, after having fallen 2.8% in the first quarter. Nationally, home prices are 3.6% above their year-earlier levels.

In June, 17 of the 20 MSAs covered by S&P/Case-Shiller Home Price Indices and both monthly composites were up; and the two composites and 15 MSAs showed year-over-year gains. *Read the full post at the San Diego California real estate market blog.

San Diego Real Estate Recovery - What Recovery?

When is a recovery NOT a recovery?

 

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San Diego Real Estate Market Reversal?

real estate double dipIn my 7-7-10 my post: San Diego real estate 2010 2nd. Half Outlook … double-dips I said that my local San Diego real estate market observations indicated that we are heading into a double dip for the real estate market.

Here is what Forbes just said:The final figures for the U.S. housing market's performance thus far in 2010 won't be officially released for several weeks. But a review of the best preliminary data available indicates that the recovery in home values that began in early 2009 has stalled. A second dip is clearly under way in some places, if not across the entire U.S.” +++To read the full post, visit the San Diego housing market blog

San Diego Real Estate ... Has A Double Dip Already Started?

San Diego home prices have risen for eleven consecutive months. Most major media outlets in San Diego are proclaiming that our real estate decline bottomed in April 2009.

A recent headline noted San Diego real estate price appreciation outpaced the rest of the nation. Another headline stated that San Diego County house prices rose 11.7% in April 2010, as compared to April 2009. This was proclaimed to be the fastest rate of annual appreciation increase in the nation. Plus, San Diego County home prices have been rebounding for the past year after their 40% decline from the top of the market in 2005.<!--more-->

In light of the above news, one would be hard-pressed not to agree with the consensus opinion that the bottom has been reached in the San Diego real estate market; the current recovery seems to be outpacing the national averages.

In 2005, I wrote an article entitled “A trend to go national where I predicted that the trends I saw occurring in the San Diego real estate market, which defined classic irrational exuberance, were not only about to take down the San Diego market, but I believed, would affect the entire nation. I was not alone in raising the caution flags about the real estate market, and those who were caught up in the exuberance of the market as well as many media outlets, coined the term bubblehead to myself and others, to imply a certain foolishness to those who would speak out against such a powerful and (certain to be) continued annual double-digit real estate appreciation. +++To read the full post, please visit the San Diego California real estate market blog