California median home price down 40 percent

The S.F. Chronicle reports:

The median home price in California plunged 40 percent in February from a year ago, as low-priced foreclosure sales kept dominating the market, a tracking firm said Thursday.

The statewide median price dropped to $224,000 last month, compared to $373,000 in February of 2008, San Diego-based MDA DataQuick said.

Look for median to crack 200K within the next 12 months,unless we get significant inflation.