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More Price Pressure

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Yesterday real estate tracking company DataQuick released its February sales numbers, prompting such varying headlines as this one from the San Diego Tribune: "Housing slump not even close to ending"; and this one from the Wall Street Journal: "Glimmer of Hope for Southern California Home Market". Here's the actual data: Los Angeles County's median sale price dropped 35 percent in February to $299,000. The reason for the hope, according to the Wall Street Journal, is that median home price in Southern California in February didn’t decline from the prior month--and that's the first time that the price hasn't dropped in 10 months. According to one expert quoted by the WSJ, home prices may bottom out this year. [WSJ]