So Cal housing market still under siege, says LA Times

Southern California’s housing market took another beating last month as median prices fell an average of 27% from a year ago — the sharpest drop in at least 20 years. The median home sale price in six Southern California counties was $370,000, down from $505,000 a year earlier, according to DataQuick Information Systems. DataQuick said that was the biggest annual decline it has recorded since it began tracking prices in 1988.
The last time the median was lower was in March 2004, when it was $364,000.
The dramatic price drop was attributed largely to sluggish high-end sales, more sellers dropping their asking prices and lenders selling off more of their aggressively priced, repossessed homes, according to real estate data provider DataQuick Information Systems.
original article by Roger Vincent, Los Angeles Times Staff Writer, 10:56 AM PDT, June 16, 2008