California home prices tumbled a record 41 percent in August from a year earlier as foreclosure sales pushed down values.
The median price of an existing, single-family detached home fell to $350,140, the lowest since March 2003, and will likely fall further.
More than 101,000 California households received a default notice, were warned of a pending auction or foreclosed on last month. That was a third of the nation's total and represented one in 130 homes in the state. Prices fell in all 20 of the state's regions.
Eight of the 10 metropolitan areas with the highest foreclosure rates are in California, led by Stockton in first place. Merced, Modesto, Vallejo-Fairfield and Riverside-San Bernardino ranked second through fifth. Bakersfield, Salinas-Monterey and Sacramento ranked eighth through tenth.
California prices have declined for 11 straight months beginning in October 2007. The median house price peaked at $595,000 in May 2007.
1 comment:
41% in just one year?! Wow! And it's far from over. I hear people are leaving California in droves.
Post a Comment