San Diego Housing Meltdown Continues

North County Times reports:

San Diego posted the highest rate of home price depreciation in the nation during the fourth quarter of last year -- losing more in three months than the national average of homes lost in one year, according to a housing report released Tuesday.

Home sales prices in the county dropped more than 3 percent in just one month and 9.14 percent in three months, according to December data from the Case-Shiller Home Price Index, compiled by Standard & Poor's. The national 20-city composite lost 9.08 percent from December 2006.

Year-over-year, homes in all of San Diego County lost about 15 percent in value.

Remember when the National Association of Realtors said in 2005 it was a good time to buy? They said the same thing in 2006.