Southern California housing market still under siege

The L.A. Times reports:

Southern California's housing market took another beating last month as median prices fell an average of 27% from a year ago -- the sharpest drop in at least 20 years. The median home sale price in six Southern California counties was $370,000, down from $505,000 a year earlier, according to DataQuick Information Systems. DataQuick said that was the biggest annual decline it has recorded since it began tracking prices in 1988.

The last time the median was lower was in March 2004, when it was $364,000.