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San Diego home prices sliding at slower pace

Louis Galuppo, residential real estate director at the University of San Diego business school, said the flattening of the price trend may only be temporary because banks have been holding back in completing foreclosures of distressed properties.

“Once this constraint goes away, we'll go down for another dip — I think it's going to be hit,” Galuppo said, citing rising unemployment and distress among higher-income owners. “Those folks had cash and equity lines to maintain their homes, but those things are being used up.”  (Full Story)