Bloomberg rounds up the latest numbers from the California Association of Realtors, reporting that California home prices dropped 42 percent in December from a year ago. "The median price for a single-family home in the most populous U.S. state dropped to $281,100 from $480,820 a year earlier, the Los Angeles-based company said today in a statement." Additionally, the Los Angeles Times looks at the Standard & Poor's/Case-Shiller index of home prices in 20 metropolitan areas, reporting that Los Angeles home prices dropped 27 percent in November compared with November 2007. Despite all the media reports of price plunges, that dumpy shack up the street from you is still way overpriced, right? [Bloomberg/LA Times]
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