Most Southern California homes sold in October were foreclosures

The L.A. Times reports:

For the first time in the current housing downturn, the majority of Southern California homes sold in October -- 51% -- had been foreclosed, a real estate information service reported today.

The median sales price for homes fell to $300,000, a level not seen since 2003 and a 41% drop from the peak price set in the spring and summer of 2007, according to MDA DataQuick of San Diego. Los Angeles County's median home sales price was $355,000, down 29% from a year ago. Sales in L.A. County were up 56% from a year ago.