Inquiring minds are looking upon San Diego this morning where an article reports that a slight but constant 15 month rise in housing prices hit a wall:
San Diego County’s housing market, which led the country in price rises for 15 straight months, turned downward in August as the rest of the nation also seemed to stumble, a widely watched housing index reported Tuesday.
The Standard & Poor’s/Case-Shiller Home Price Index for San Diego dropped .6 percent from July to August, the first downturn since May 2009. The decline occurred against a backdrop of stable home prices in recent months — an indication analysts said of a bottoming in the market with little likelihood of much change in the immediate future.
“I think the market is simply reacting to withdrawal symptoms from the opiate of stimulus,” said Russ Valone, president of MarketPointe Realty Advisors, a San Diego housing consulting firm.
Mr. Valone should be congratulated for the best quote on the subject of the ending of federal subsidizing of the failing, er…falling housing market.
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