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 | ||||||
| Non-SA |
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.
Okay, now for an optimist hijack:
Looks like we are up 55% for values over 11 years.
Only Washington, Los Angeles and New York have done better than us.
18 of the 20 markets had month over month increases in values.
Looking at the July trough for Non-SA should mean we stop seeing the year-over-year decline once the influence of the home buyer tax credit exits the system, probably in October. That’ll be the tell.
But, what to do about those short sales? Okay, now back to the regularly scheduled recession.