The Union Tribune has this update on San Diegos' housing bubble. "San Diego County resale housing prices began the new year inching moderately upward, but a record drop in new housing prices pushed the overall median down from December levels, DataQuick reported today."

"The January median stood at $490,000, down 5 percent from December but still up 2.5 percent from year-ago levels, the lowest year-over-year rise in nearly seven years. Sales dropped from 4,262 transactions in December to only 2,763 last month."

"But, in the new-housing category, which included newly built homes as well as apartments converted to condos for sale, there was a $104,000 drop from $539,500 in December to $435,000 last month. That dollar decline represented an all-time record change, based on DataQuick reports back to 1988; while the 19.4 percent decline was the second biggest after a 24 percent decline recorded in July 1997."

"On a neighborhood basis, there were some big declines as well as big increases in January, compared to January 2005, in single-family-resale prices. Big declines among actively selling neighborhoods occurred in Scripps Ranch, which was down 14 percent; La Mesa-Mt. Helix, down 9.4 percent; and western Rancho Bernardo, down 5.8 percent."