California Freefall: Home Prices Fell 26% in February

Signs of distress are piling up in the California housing market, where prices are falling at three times the national rate of decline. --Statewide, median sales prices fell by a stunning 26% from year-ago levels in February, with home prices dropping at a rate of nearly $3,000 a week, the California Association of Realtors reports. Further, the CAR says the Fed's interest rate-cutting campaign "will have little near-term direct effect on the housing market." Read more...

Posted by Editor at March 26, 2008 02:48 PM