30% drop in San Diego condo prices

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Good morning, again. The LATimes updates the slump story in San Diego and finds continued pessimism: ‘It’s pretty bad, and I don’t see a whole lot of improvement,’ says analyst Pete Dennehy. ‘Month after month, sales have just continued to go down. Foreclosure rates are through the roof. . . . We won’t see improvement until 2009 and beyond.’

How far have prices fallen? The Times quotes real estate agent Jose Saborio, who says condos in his building that orginally cost $500,000 have recently sold for about $350,000 -- a 30% drop.

Anybody going to the condo auction today in Mission Valley? We’d love to hear reports of what happens. Failing that, we’re expecting the locals will cover it and we’ll have a link for you tomorrow morning. Post your comments here, email your story tips to lalandblog@yahoo.com.