Daily Business Report — Dec. 26, 2011
San Diego Home Value Loss Tops $9 Billion
San Diego homes are expected to lose $9.7 billion in value during 2011, which is less than the $13.8 billion lost during 2010, according to an analysis of Zillow Real Estate Market Reports. The total estimated value of San Diego homes in 2011 is $393.6 billion.
U.S. homes are expected to lose more than $681 billion in value during 2011, which is 35 percent less than the $1.1 trillion lost in 2010, according to the analysis. The bulk of the total value lost during 2011 was in the first half of the year. From January to June, the U.S. housing market lost $454 billion. From July to December, Zillow projects residential home value losses will total a significantly lower $227 billion.
Regionally, only nine out of 128 markets showed gains in home values during 2011, with the New Orleans metropolitan statistical area (MSA) showing the largest gain of $3.5 billion. The Pittsburgh MSA was second on the list, with a gain of $2.7 billion.
“While homeowners suffered through another year of steep losses, the good news is that homes are losing value at a substantially slower pace as the market works its way towards the bottom,” said Zillow Chief Economist Stan Humphries. “Compared to last year when we saw sharp declines following the expiration of the homebuyer tax credits, this year we saw some organic improvement in home values, in terms of a slowed depreciation rate which resulted in a smaller total value loss for the year. Unfortunately, when we look ahead to next year, the unabsorbed pool of housing supply, dragging levels of consumer confidence, high unemployment and negative equity will continue to put downward pressure on the housing market, pushing our expectation for a potential recovery into late 2012 or early 2013.
Quidel Receives Federal Approval for Influenza Test
Quidel Corp. said it has received 510(k) clearance from the U.S. Food and Drug Administration for the sale of its molecular diagnostic test — the Quidel Molecular Influenza A+B Assay for the detection of influenza A and B. The clearance grants Quidel authorization to market its Quidel Molecular Influenza A+B Assay in the United States ahead of the upcoming influenza and respiratory disease season. The product was launched in Europe shortly after receiving the CE Mark in August 2011. “Our Quidel Molecular Influenza A+B Assay offers users a reliable, easy-to-use option for the diagnosis of influenza virus infections,” said Douglas Bryant, president and CEO.
METRO Movers to Watch
SD Metro is soliciting nominations for our annual Metro Movers to Watch awards, which will be published in January. Send your nominations to Rebeca Page at firstname.lastname@example.org. Nominate a man or woman you believe will make outstanding contributions in San Diego County during the new year. Nominations will close on Dec. 28.
The Daily Business Report is produced by REP Publishing Inc., publisher of SD METRO, the North Park News and the West Coast Craftsman. Contact: Manny Cruz (619) 287-1865.