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California housing prices slip, stay in sync with national trends

By John Lefferdink

Between August and September of 2011,

real estate prices

fell throughout both California and the nation’s biggest urban areas, signaling a return to declining values after more promising spring and summer numbers and suggesting a continuation of the trend through the New Year and beyond.

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According to recent financial coverage in the

Los Angeles Times

, the Standard & Poor’s/Case-Shiller index tracking home prices in America’s 20 largest cities showed a slip of 0.6% between August and September of this year. The numbers represent a 3.6% drop from September 2010 and, in the words of index committee chairman David Blitzer, suggest an elusive road to sustained recovery without parallel improvement to the nation’s economy as a whole.

Within California, San Francisco took the most significant hit with a home price drop of 1.5%. Meanwhile, home prices in San Diego and Los Angeles both fell 0.8%. To some degree, such declines are to be expected during the fall season, as most homebuyers tend to complete big moves before the start of the school year; and despite considerable statewide unemployment, the California housing market within these and other major cities is fairly healthy compared to those in other, more over-built areas of the state and nation. Still, for homeowners looking to sell in the months ahead, the market may remain inhospitable as long as nationwide economic recovery remains elusive.

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San Diego real estate

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