San Diego's Home Price Decline

The San Diego Union Tribune reports:

Zillow also found that 52.5 percent of San Diego homes sold at a loss in the past 12 months. It said 30.4 percent of all homes – and 51.3 percent of those bought since 2003 – are worth less than their original purchase price.

Whether for sale or not, nearly all homes in the county, 92.5 percent, are worth less today than a year ago and 60.2 percent have lost value in the past five years.

“Housing in San Diego has obviously fallen off a cliff,” Rascoff said. “San Diego's home prices are now back where they were in the middle of 2003. You've rewound the clock five years in terms of home prices.”

No word yet from The National Association of Realtors on this one.