PrestoPundit

POP! HOUSING PRICES ARE DOWN 27%

Posted by PrestoPundit on 06/16/2008

from this time last year in Southern California:

The median home sale price in six Southern California counties was
$370,000, down from $505,000 a year earlier, according to DataQuick
Information Systems. DataQuick said that was the biggest annual decline
it has recorded since it began tracking prices in 1988 ..

Sales of post-foreclosure homes continue to dominate many inland
markets. Of all the Southland homes resold in May, 37.4% had been
foreclosed on at some point in the prior 12 months, compared with a
revised 36.2% in April and 5.5% one year ago. Across the six-county
area, these “foreclosure resales” ranged from 25.6% of resale activity
in Orange County to 56.6% in Riverside County.

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