The top 20 zip codes list of price declines for Los Angeles County. If you expect to see poorer areas on the list you will be surprised. 50 percent annual price fall for a zip code in Pasadena? A 37 percent drop for San Marino?

Dr. Housing Bubble reports:

The Los Angeles County median home price is down 6 percent year over year. This in itself fails to highlight the deeper changes occurring in the most populated county in California. If we look back at 2011 we see that it was a year of corrections for the mid-tier and upper-tier segments of the market. This trend is likely to continue with even the most prime locations in Corona del Mar and Beverly Hills showing that they have plenty of shadow inventory to work through in 2012. Los Angeles County is full of cities so the 6 percent drop only tells you very little. If we break out the top declining zip codes the picture is very different today from 2008 and 2009 when low hanging fruit was selling for massive price cuts. Today those price cuts are hitting fully in areas like Culver City, Burbank, and Pasadena which we predicted for a few years based on area household incomes.

An article well worth your time: even if you don't live in California.