Values for luxury homes rose in Los Angeles but dropped in San Francisco and San Diego during the first quarter, according to First Republic Bank.Los Angeles area values rose 4.5% from the previous quarter, reaching levels not seen since 1992. San Francisco values fell 1.9% from the fourth quarter of 2002, and San Diego values dropped 2.3% for the same period. Values in these two markets were still higher, however, than in the first quarter of last year, by 3.0% and 0.8%, respectively.
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