7 percent YOY decline in San Diego real estate

July 31 (Bloomberg) -- Home prices in 20 U.S. cities fell the most in at least six years, suggesting the housing recession has yet to touch bottom.

``Things are getting worse rather than better,'' said Sal Guatieri, senior economist at BMO Capital Markets in Toronto. ``If home prices keep falling, eventually consumer confidence and spending will take a hit.''

Fifteen cities showed a year-over-year decrease in prices for the month, led by an 11.1 percent drop in Detroit and a 7 percent decline in San Diego, according to today's report on prices in 20 cities.

``We are experiencing home-price depreciation almost like never before, with the exception of the Great Depression,'' Angelo Mozilo, chief executive officer of Countrywide Financial Corp., said last week on a conference call after the biggest U.S. mortgage lender reported a 33 percent decline in second-quarter net income due to late loan payments.

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