For the buyers out there, it just keeps getting better and better. A study from Standard & Poor's Home Price Index ranked San Diego the sixth weakest housing market nationally, with prices overall down 25.8 percent in November from year-earlier levels.
The low-end of the market--properties priced below $306,500, saw the biggest year-over-year drop of 30.5 percent in November. (From the market high of 2006, this represents a whopping drop of 46.7%.)
Meanwhile, so-called "high end" homes more than $435,097, are experiencing deep price declines as well, with average sales price down 28.6% from June 2006.
A snipped from the article:
San Diego real estate agent Scott Voak says that high-end price drops are probably accelerating because credit-worthy owners who took out so-called Alt-A loans – those with negative amortization features, zero interest or zero down payments – are unable to cope with resetting monthly payments and having to sell at a loss.
“A lot of people in neighborhoods like 4S Ranch (west of Rancho Bernardo) and San Elijo Hills (in San Marcos) have those loans,” Voak said. “We saw a home sold for over $1 million about 2½ years ago, and the bank put it on the market for $729,000.”
Click here for the whole story from the San Diego Union-Tribune.
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