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The sky will really be falling now.

The S&P Case-Shiller Home Price Index for San Diego dropped from May’s 163.78 to 163.27 in June for seasonally-adjusted numbers, breaking the 13-month streak of slight increases – though the non-seasonally adjusted went up from 163.11 to 163.82.  Here is a link to their site.

The S&P’s Dave Blitzer had the standard negative slant on cnbc.com:

“Given the way home sales collapsed in July and given the boost in housing activity across the board in the second quarter, it’s clear this may have been the calm before the storm,” David M. Blitzer, chairman of the index committee at S&P, told CNBC.

S&P, which publishes the indexes, also said home prices nationally rose 4.4 percent in the second quarter after a 2.8 percent drop in the first quarter.

Prices rose in 17 of the 20 metro areas in June, S&P said, adding that in the first half of the year 15 of the 20 areas had positive annual growth rates. The housing market is in better shape than a year ago, S&P said.

“The worry starts when you remember that the Homebuyers’ Tax Credit has expired, foreclosures are still at high levels, and July data on home sales and starts were very, very weak,” Blitzer said in a statement.  The inventory of unsold homes and months’ supply data were particularly troubling,” he said, adding that “if this relative weakness in demand continues, it will likely filter through to home prices in coming months.”

Look for September to be cancellation city – sellers aren’t going to put up with this!

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