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The San Diego Case-Shiller Index for May is out.

I don’t know how much it matters, but they have two measurements – seasonally-adjusted, and non-seasonally adjusted.  Here are the recent troughs and peaks:

CSI – SD Trough Mo. Score Peak Mo. Score May ’11 Trough-to-today chg
Seas-Adj
June ’09
146.54
May ’10
163.70
155.35
+6.6%
Non-SA
April ’09
144.43
July ’10
165.02
154.78
+8.1%

What does it mean? We had a price bump last year, and since then we’ve given back about half of the gain. From my perspective, pricing remains under pressure mostly from fraudulent short-sale listings, and when they hit a neighborhood, they hit hard. But other than those, we’re just bumping along.

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