Southern California home sales drop to a 20-year low

The L.A. Times reports:

Low interest rates, falling prices and promises of government relief were not enough to slow the pace of Southern California's housing downturn, which hit a new bottom last month.

Fewer than 10,000 homes were sold in the six-county region, DataQuick Information Systems said today. That's the first time that has happened since DataQuick began keeping records in 1988.

What's more, nearly 1 out of 4 homes sold -- 23% -- had been foreclosed, which is putting downward pressure on home values.

The median home price in January was $415,000, 18% below last year's peak and the lowest since January 2005. The median is the point at which half the homes sell for more and half for less.

It should crack the 400K level in the next 12 months.