L.A. housing prices drop 16.7% in five months

The L.A. Times reports:

The level of home sales in LA County dropped 50% from year-ago levels. Median sales price of homes sold in Los Angeles County dropped to $458,000 -- now down $12,000 in one month, and $92,000 from its August peak. That's five months. Let me repeat that: sales prices in L.A. have dropped 16.7% in five months. That is a collapse of prices.

A quick price drop,with more to come.We expect a crack of $400,000 within 12 months.