San Diego Homes

San Diego Homes – Home Prices Fall in August

For the past 15 months the average price of a home in San Diego has risen. Home prices declined in August in San Diego and all over the country. According to the Standard & Poor’s/Case-Shiller Home Price Index, San Diego’s home prices fell .6% from July to August. This is the first drop in housing prices in San Diego since May 2009. San Diego home prices are still up over one year ago, by 6.9%.

Experts speculate that the slide in prices coincide with the end of the of the federal home buyers’ tax credits. Homeowners going into default rose by 7.5% in the third quarter of this year. 5,869 homes went into default in San Diego during this time. This was the first incline after 5 quarters of declines in defaults. Date Quick analyst Andrew Le Page, couldn’t identify the cause for the rise in defaults and attributed them to lenders ability to process defaults quicker and a potential increase in the numbers of homeowners in distress. With fewer buyer’s on the market, sellers had to lower their prices to attract buyers or take their homes off the market. So there were more lower-cost, distressed properties for sale.

In this market, home buyers are making low offers to see if they can get a deal. Buyers have the upper hand if they have cash or can get a home loan.

When you need to buy or sell a home, there is no substitute for professional experience. Escondido Realtor, Mindi Landry has 34 years of experience in assisting people, just like you, in purchasing and selling their homes. Contact Mindi at (760) 737-3767

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