SoCal Real Estate Prices Tumble

The median price of a home in Southern California is $247,000, a staggering 36 percent drop from last April, when the median price was $385,000. Foreclosures have resulted for more than half of all sales, with 54 percent of all previously owned and resold properties the product of foreclosure.
Sales, on the other hand, have risen 31 percent from last year, which analysts have attributed to a decline in median price that does not accurately reflect the decline in value of the homes. Foreclosure discounts have pushed home prices beneath the actual value of the homes themselves and these properties are …read more