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Housing Prices: Slip-Sliding Away

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Via Bloomberg: "Home prices in the U.S. dropped the most on record in the first quarter from a year earlier as banks sold seized homes and foreclosures in California and Florida dominated sales. The median price fell 14 percent to $169,000, the National Association of Realtors said today." Looking at local data, the median sales price was down 34.1 percent in Los Angeles-Long Beach-Santa Ana region (that's how our region is lumped together) from a year earlier. On the other hand, foreclosures continue to drive sales: "The largest sales gain from a year ago was in Nevada, up 117 percent, followed by California which rose 81 percent, Arizona, up 50 percent, and Florida with a 25 percent increase. " Most telling is this statistic that the county's banks had $26.6 billion of repossessed real estate at the end of last year, double the amount of the year before. [Bloomberg]