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The Price is Right: LA County Median Home Prices Fall Below $500k

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The vacant home in Encino slowly sliding down the hill conveniently offers us today's metaphor for the crumbling housing market. Via the LABJ: HomeData Corp. reports that the median home price for LA County has dropped below half-a-million for the first time in two and a half years. And the slide may not end anytime soon. “I think slowly but surely it is going to get worse,” said Mark Wollman, a residential broker for Hilton & Hyland, a Beverly Hills brokerage. “I think people are really going to start to understand what’s happening this summer.” [LA Business Journal]