Home Prices Sink to 2003 Levels

Tuesday, Nov 25, 2008  |  Updated 11:52 AM PDT
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Home Prices Sink to 2003 Levels

How much is your home worth? According to the most recent Standard & Poor's/Case-Shiller index released Tuesday, values are way down.

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How much is your home worth?  According to the most recent Standard & Poor's/Case-Shiller index released Tuesday, values are way down.

Home prices in San Diego County continued to fall in September, reaching a point last seen in May 2003, the report said with the price of a home falling by 26.3 percent compared to the same month a year earlier.  The report also said it dropped by 34.4 percent from the market peak in November 2005.

Voice of San Diego.org reported that the Case-Shiller index assigned a value of 100 to home prices in the year 2000 and has tracked the market's ascent and descent in relation to that value ever since. By November 2005, the index reached a peak of 250.34, meaning homes measured in the index had appreciated in value by 150 percent in just less than six years.

Now, the index has fallen to 164.12 -- that's a 34 percent drop from the peak, but prices are still about 64 percent higher than they were at the start of the decade.

Get more details in the story, "Case-Shiller: Prices Slide to May 2003 Levels."

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