O.C. home values down 32% from peak

Orange County Register reports:

Orange County home values have dropped 32 % from their peak in the first quarter of 2006, when the median was $692,208, according to an analysis by online home sales tracker Zillow.

Home values were last at their current level in Orange County — a median of $470,822 — in the third quarter of 2003, Zillow says.