California Home Prices Drop 32% Amid Foreclosures
May 25th, 2008Via: Bloomberg:
California home prices tumbled 32 percent in April from a year earlier as “distressed” properties and a lack of financing cut demand, the state realtors group said.
The median existing home price fell to $403,870, the California Association of Realtors said in a statement today. Sales increased 2.5 percent, ending 30 months of consecutive year-on-year declines. Homes priced under $500,000 accounted for 64 percent of sales compared with 40 percent a year earlier.
California had the second-highest U.S. foreclosure rate in April, one for every 204 households, and the most foreclosure filings for the 16th consecutive month, RealtyTrac Inc., a seller of default data, reported on May 14.
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