San Diego leads nation in climbing home prices

Though home prices nationwide are falling, several parts of the country have enjoyed rising values that have helped those selling their homes get moving sooner.

The Federal Housing Finance Agency reported that nationwide, home prices during this year's third quarter were down 1.6 percent compared to the previous quarter and 3.2 percent over the past year. Still, 13 states and the District of Columbia reported higher quarter-to-quarter home values, while 10 states plus Washington, D.C. saw prices climb over the past 12 months.

Those moving into new homes in San Diego enjoyed steady home value appreciation over the past year. The report showed that prices in the San Diego-Carlsbad-San Marcos metropolitan area were up 4.2 percent from the third quarter of last year to the same time period this year. Comparatively, homes in Georgia's Atlanta-Sandy Springs-Marietta metropolitan area have dropped 10.1 percent in value during that same 12-month time period.

On a national basis, home price drops will likely continue, particularly since the country continues to deal with elevated levels of distressed properties. Those issues could persist considering that the nation's shadow inventory - repossessed homes that have not yet hit the real estate market - exceeds 2 million properties, according to CoreLogic.
 

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