Home Prices Fall — A Lot

LOS ANGELES -- The median home price in a six-county region of Southern California fell 35 percent in November from a year ago, according to a real estate tracking firm says .
In its report Tuesday, San Diego-based MDA DataQuick says the median price for homes and condos tumbled to $285,000 last month from $435,000 in November 2007. November's median was the lowest since April 2003.

In San Diego, the median home price dipped down to $305,000, a 30.7 percent drop year-to-year. 

There were 16,720 homes sold in the region last month, up 27 percent from the year-ago period. More than half of those who bought preowned homes and condos seized on bargain-priced foreclosed properties.
Foreclosures accounted for 55 percent of sales of preowned homes and condos in November, up from 19 percent in November last year.

Copyright AP - Associated Press
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