Now They'll Fix it: Rich People Hurtin', Too - NBC 7 San Diego

Now They'll Fix it: Rich People Hurtin', Too

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    NEWSLETTERS

    Now They'll Fix it: Rich People Hurtin', Too
    AP
    The latest San Diego County home value report has better news for those occupying the bottom rung of the economic ladder than it does for the few at the top.

    The latest San Diego County home value report has better news for those occupying the bottom rung of the economic ladder than it does for the few at the top.

    Home prices started to fall in 2006, but the biggest bites came out of the lower end of the housing spectrum, reported the North County Times. That changed in November, according to the Standard & Poor's Case-Shiller Home Price Index. Home prices fell at a greater rate -- 3.3 percent -- in high-priced neighborhoods than they did at low end, where they dipped by 1.7 percent.

    "No question, there's no place that's immune," Matt Battiata, a real estate agent in Rancho Santa Fe, told the Times. "I've heard agents from La Jolla or Carmel Valley say, 'Our clients have so much money, we're going to get through this.' And it's all baloney."

    A year ago, the low-end home prices were defined as $460,000 or below, according to the index. Now they are tagged at $306,000 or less.

    Read the Times' story "Price weakness roars into high-end sector" for more details.