Southern California Home Prices Fall on Foreclosures

Bloomberg reports:

Southern California house and condominium prices fell 11 percent in September from a year earlier as foreclosures dominated sales, MDA DataQuick said.

The median price dropped to $275,000 from $308,500 a year earlier, the San Diego-based research company said today in a statement. The number of homes sold rose 5.1 percent from a year earlier to 21,539 in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties.