Southern California home prices still dropping at record rate
By Peter Y. Hong, Los Angeles Times Staff Writer
10:18 AM PDT, March 13, 2008
To get a clear picture on the housing market in Los Angeles, read this L.A. Times article which details the falling housing prices in the Southern California region. The numbers are undeniable, as the opening paragraph of the article lists a home which originally listed well over 300K, now up for grabs for a little over 160K.
The crunch is being felt nationwide, and seems to have a even tighter grip on Souther California residents. Many industry professionals warn of profit losses of up to 40% in local housing markets.
LA Times excerpt::
The median price for a Southland home last month was $408,000, down 17.6% from a year ago, according to DataQuick Information Systems. Area home prices have now fallen 19% on average from their peaks last year.
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