The latest release of the Case-Shiller Home Price Index indicates that San Diego home prices were, in aggregate, still falling as of May. Prices as measured by the HPI were down .4 percent from the prior month, 7.0 percent from May 2006, and 7.4 percent from the November 2005 peak.
As seen on the graph, the divergence between the HPI and the median-based price indicators remained firmly in place. This phenomenon, described elsewhere on this blog in lurid detail, is owed to the declining volume of entry-level home sales in the wake of the rapid tightening in the subprime mortgage lending market.
You said, “lurid,” eh heh
You said, “lurid,” eh heh huh eh heh.
Josh