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Apr-16-2008Median price of SoCal homes plunged 24 pct to 4-year low(topic overview)
CONTENTS:
- A total of 2,691 homes sold in March, down from 3,680 for March 2007, while the median price of a home in Riverside County last month was $306,250, down from $420,000 in the same month a year ago, according to La Jolla-based DataQuick Information Systems. (More...)
- IMO, median income and home prices have to match up, and that is at 3-4X. I have no idea when that will happen, but I'm confident when it does, that people will have reason (and means) to purchase again. (More...)
- Worst depression since the Great Depression. not a depression worse than the Great Depression, and I was stating housing prices will continue to fall for 3-4 years. (More...)
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A total of 2,691 homes sold in March, down from 3,680 for March 2007, while the median price of a home in Riverside County last month was $306,250, down from $420,000 in the same month a year ago, according to La Jolla-based DataQuick Information Systems. According to DataQuick, the traditional seasonal boost in sales between February and March across Southern California was less than half of its normal level, reaching a record low. "We continue to believe a lot of people who could be buying or selling right now are opting to sit tight until they sense we've hit bottom," said Marshall Prentice, DataQuick president. [1] Nearly 38 percent of the homes sold last month in Southern California had been foreclosed on in the prior year, according to DataQuick. The seasonal boost in sales from February to March was less than half its normal level and a record low, DataQuick reported. "Although prices have fallen off their peaks in most places, the magnitude of the decline continues to vary widely, with the largest discounts concentrated in markets rife with foreclosure resales," DataQuick President Marshall Prentice said.[2]
Orange County remained Southern California's most expensive housing market with a median sales price of $506,000, but that was still 20 percent below last year's level. The depressed market is prompting many prospective home sellers to stay on the sidelines until they see signs of an upturn, said Marshall Prentice, DataQuick's president. "Often what we're left with, especially in inland areas, are sales driven by foreclosure or the threat of it," he said.[3]
Home sales picked up in Inland Southern California in March but the boost was unimpressive, and prices remained in a free fall, indicating that the housing market is not on its way to a recovery, according to DataQuick Information Systems. March is the start of the busiest time of the year for home shoppers, but the spring rush this year was about half as heavy as usual, according to DataQuick, a La Jolla-based real-estate research firm.[4]
With homes in or facing foreclosure accounting for more than one-third of sales, activity in Southern California inches up in March while the median price falls. The traditional spring home-buying season is off to its worst start in 20 years, data released Tuesday show, with sales so weak that foreclosures now account for more than one-third of all market activity.[5] The median price of a Southern California home was $385,000 in March, a 5.6% drop from February and a 24% decrease from a year ago. It's the lowest level seen since April 2004.[6] The median price for a Southern California home fell below $400,000, to $385,000. Homes are now typically selling for what they fetched in April 2004, with the median price 20% below the market peak of $505,000 last year.[5]
The median price of homes sold in a six-county region stood at $385,000 in March, a sobering comedown from the same time last year when the area's median had reached a record $505,000, according to data released Tuesday by DataQuick Information Services.[7] The median price of homes sold was $430,000, a 24.1 percent drop from $566,750 a year ago, according to the La Jolla-based real estate information service.[2] RIVERSIDE Home sales in Riverside County dropped 26.9 percent in March, compared to the same month a year ago, while prices dipped by 27.1 percent, a real estate information service reported Tuesday.[1] Home sales typically pick up in spring, when the weather gets warmer and parents of school-age children look to buy so that any move can be made over the summer. This year was no exception: March sales in Los Angeles, Orange, Ventura, San Bernardino, Riverside and San Diego counties were up 18.8% from February. That increase, while welcomed by the real estate industry, pales in comparison to previous seasons.[5] The median price represents the point where half the homes sell for more and half sell for less. Tuesday's report covered Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura counties - a region that once ranked among the nation's hottest real estate markets as lenders aggressively lowered their rates and standards for qualifying for home loans. As it turned out, many borrowers couldn't afford their mortgages after they adjusted upward from temporarily low rates. That has led to a wave of foreclosures that is prompting lenders to sell Southern California homes at sharp discounts and depressing the value of neighboring properties.[3] SAN FRANCISCO - Southern California home prices plummeted 24 percent in March, jerking property values to a nearly four-year low amid the real estate market's deepening distress.[7]
The only difference during the boom was easy credit and speculation that turned housing into a short term get-rich-you-can't-lose commodity instead of a long term retirement residence. As reported in this blog, The Southern California median house price in Jan 1997 was $147k (beginning of the bubble). Compare that to the March 2007 peak of $505k! That's a 246% rise folks, all with median income levels essentially unchanged (when adjusted for inflation) over that same time period. If credit remains tight, meaning, like it always has been historically (before the boom), then only real incomes will become the factor for buying levels, and with a big recession ahead, real incomes will not be going up for a while, and even when they do, they don't go up quickly.[8] Southern California's historic housing slump worsened in March as bargain-hunters buying foreclosed properties pushed median sales prices down to levels last seen in early 2004, DataQuick reported today in another gloomy assessment of the regional housing market.[8] The onset of spring did little to thaw Southern California's semi-frozen housing market, says a LaJolla-based real estate information company. The usual seasonal boost in sales between February and March was less than half its normal level and a record low.[9]
"Often what we're left with, especially in inland areas, are sales driven by foreclosure or the threat of it." Homeowners who aren't facing foreclosure, meanwhile, often cling to outdated notions of what their properties are worth, real estate agents say. David Emerson, a Lakewood real estate broker, said he was still able to quickly sell houses when owners priced them realistically. A broker for 25 years, Emerson said much of his work now involved telling sellers what they might not want to hear. "You go from being like a doctor who delivers babies," in a booming real estate market, he said, "to being an oncologist, just giving people bad news all day long."[5] Realtors need to learn that being a real estate expert doesn't mean repeating the phrease "Now is the time to buy." They deserve to have their paychecks drop so bad because they are so out of touch with the market. New home construction starts will probably bottom out late this year, but price declines and inventories of homes for sale will continue to remain a factor for some time.[2] DataQuick said the sharp drop in median sales prices reflects a combination of factors: depreciation, especially in areas hit hard by foreclosures, and a plunge in sales of more expensive homes because of tight credit for jumbo mortgages. "We continue to believe a lot of people who could be buying or selling right now are opting to sit tight until they sense we've hit bottom," said Marshal Prentice, DataQuick president.[8] San Diego County's median home price dropped below the $400,000 mark last month for the first time since late 2003, driven largely by discounted foreclosure sales, DataQuick Information Systems reported Tuesday.[10] San Bernardino's median price was $265,000, 28.2 percent lower than March 2007. The all-time highs for median home prices in the Inland area are $380,000 in San Bernardino County and $432,000 in Riverside County, both in late 2006.[4] Foreclosures accounted for 56 percent of the sales in Riverside County, where the median price of a home fell 27 percent to $306,250.[3] The median price of a Riverside County home was $306,250, a 27.1 percent drop from a year ago.[4]
The overall median price for homes sold in March was $395,000, the lowest since November 2003. That marked a 4.8 percent drop from February and a 19.4 percent decline from March 2007.[10] Last month's median price was down 5.6 percent from February's $408,000 and down a record 23.8 percent from $505,000 in March 2007.[1]
Orange County's median home price tumbled by $14,000 from February to March, aided by the increase in discounted sales of foreclosed homes that's being seen across the Southland.[6] The erosion was even worse in San Bernardino County, where the median home price plunged 28 percent to $265,000.[3]
In recent months, foreclosure resales typically sold for about 15 percent less than other homes in the surrounding area. When these foreclosure resales dominate a market, accounting for more than half of all sales, they tend to tug home prices down by an extra 5 percent to 10 percent when compared with communities where foreclosure resales are less common, DataQuick says.[9] In Riverside County, more than half of all sales were foreclosures. That's helping to drive prices even lower, DataQuick said, because foreclosures typically sell at a 15% discount to surrounding properties.[5]
Sales of homes that had been previously foreclosed on continue to dominate the regional market: More than one in three homes sold in the region, nearly 38%, had been foreclosed on at some point in the previous year. Foreclosure resales are highest in Riverside County, where they made up 56.4% of March sales.[8] Sales of new and existing homes and condominiums in Ventura County plunged 45 percent last month, falling from 999 sales a year ago to 549 sales in March, DataQuick Information Systems reported today.[2] A total of 12,808 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in March, says the report Tuesday from DataQuick Information Systems. That was up 18.8 percent from 10,777 the previous month but down 41.4 percent from 21,856 in March 2007.[9] Nearly 38% of Southern California homes sold in March had been foreclosed at some point in the prior year, up from 8% in March 2007, DataQuick Information Systems said.[5] More than a third of the Southern California homes sold last month had been through a foreclosures at some point during the past year, according to DataQuick.[3]
As it stands now, Southern California homes haven't been worth so little since April 2004, when the region's median price stood at $380,000, DataQuick said.[7] The median price paid for a Southland home was $385,000 last month, the lowest since $380,000 in April 2004.[9]
"Median sales prices dropped 5.6% from February levels, to $380,000 -- the lowest level since April 2004, and a decline of 23.8% from peak pricing levels of $505,000."[8] As recently as last month, I was just thinking that my 30-40% price decline prediction was overly pessimistic with all the bailout plans being proposed. $380,000 seems affordable enough until you look at the median household income of LA County residents, which is ~$60,000 annually. This is just the beginning.[8]
There are fewer and fewer good public schools out there and more parents chasing the same houses in the same areas. 30 years ago you had good schools in the SFV and areas like Lawndale or Hawthorne or San Gabriel or Gardena. Now you send your kids to schools in those neighborhoods at their own risk. The number of good public school districts somewhat centrally located in SoCal can fit on one hand and all of these areas are completely built out. No new construction less than $1M. Fewer houses in these areas with larger population of desperate parents will push up the demand curve. Now I'''m not saying that we won'''t see lower prices in these areas because we certainly will, but whatever the level of pain is, it'''ll be less than what poor areas with crappy schools will see.[8] Like planning for old age and death, it is a subject worth dealing with sooner rather than later. "Home values have doubled in the past four years and almost all, if not all, of those gains are here to stay," said Marshall Prentice, DataQuick president. Has anyone noticed how this link is no longer accessible from the main web site ( http://www.venturacountystar.com ) or the local news web site ( http://www.venturacountystar.com/news/ne. Why does the VC Star always try to hide this type of information? It's as if the real estate industry has them in it's back pocket.[2] Face99 - Exactly what I have been thinking for quite some time. It's all about the numbers and how they are like water seeking its own level. The real estate market became super-heated over the last few years pushing prices well away from their "natural" level.[2]
I didn't hear one person talk about how the media was stimulating the real estate market in 2003 to 2006 when countless stories were printed/aired on how that market was skyrocketing to the moon. They were just reporting the current situation. If you are looking to blame anyone, look at Greenspan - he was the one to start this mess by lowering rates to 1% and hold them there for so long. This gave speculators a new market to speculate in, and banks began (and continued) to develop financial instruments to help them along. As time went on, these two parties continued to "up the anty" to unsustainable levels - hence the current mess.[2]
I don't see much movement. I still see people who bought in 2005,2006 in the Los Feliz and Hancock Park areas that have still decided that their house appreciated 20-50% in that time. Maybe the real estate ego is larger in these areas.[8]
The prices will continue to drop until one can buy an average house for 300,000 or less. Under Bush-Gallegly economics that is all most people in Ventura County can afford assuming they don't get some kind of trick loan.[2] The drop is even steeper in San Bernardino County, where the 1,534 sales were 38 percent less than March 2007.[4] There were 2,108 sales in March, down 34.5 percent from March 2007 and the lowest March total since DataQuick began tracking the San Diego market in 1988.[10]
More grim news could emerge Thursday when DataQuick plans to release March's home sales figures for the San Francisco Bay area and the entire state.[7] For the last 20 years, March home sales have on average been 38% higher than February sales, DataQuick said. "We continue to believe a lot of people who could be buying or selling right now are opting to sit tight until they sense we've hit bottom," DataQuick President Marshall Prentice said.[5] The typical spring "bounce" in sales from February to March was the weakest ever measured by DataQuick, indicating the spring selling season is off to a historically weak start. Over the last 20 years, the average increase in home sales from February to March in the region was 38%; this year it was just 18%.[8]
Since last August, when the continuing credit crunch hit, sales have plunged for more expensive homes financed with "jumbo" mortgages, which until recently were defined as loans over $417,000. Sales financed with these larger loans, which the credit crunch made more expensive and harder to get, accounted for just 15 percent of Southland sales last month, down from about 40 percent a year ago, says DataQuick. It is unclear how much home sales might be affected this spring and summer by the recent increases to the limits for so-called conforming loans and FHA loans, it says.[9] The 24 percent drop in value of homes represented the steepest one-year decline recorded by DataQuick since the research firm began tracking Southern California home sales in 1988.[7] DataQuick President Marshall Prentice said in a statement that nearly 38 percent of all sales in Southern California involved properties that had been foreclosed on at some point in the prior year.[10] Sales in the six-county Southern California region were down 41.4 percent to 12,808 from a year earlier and prices were off 23.8 percent to $385,000.[10] There were 12,808 sales last month in Southern California, a 41.4 percent drop from 21,856 sales a year ago.[2]
There were 2,691 sales in Riverside County last month, down almost 27 percent from a year ago.[4]
At the county level, foreclosure resales ranged from 28.8 percent in Los Angeles County to 56.4 percent in Riverside County. "We continue to believe a lot of people who could be buying or selling right now are opting to sit tight until they sense we've hit bottom.[9] Los Angeles prices dropped the least, off 18.5 percent, followed by San Diego and Orange County, down 19.6 percent.[10]
Riverside had the least drop in sales, off 26.9 percent, followed by San Diego and San Bernardino, down 38 percent.[10]
Do you the raw numbers? Could you give a more detailed breakdown to see what is going on? Give the percent decline and sales number decline for different price segments (200k-500k, 500k-800k, 800k-1 mil, 1 mil - 2 mil etc. ) and do it for so cal and just la county.[8] Last year an Appeals Court ruled that the assumption that the "sale" price was the Prop 13 base value did not apply to foreclosure sales per California law (the position of the County assessor).[8] The tax assessor is free to ignore the current foreclosure sale price and assess taxes based on the bubble prices which may not be seen again for years. People buying foreclosures should not assume that these lower current market values will form the basis for their property taxes.[8]
I think people will mistakenly believe that because sales are happening at very low volume levels that values are holding. In truth ANY (shiller, ofheo, median, whatever) price measurement is going to break down in periods of low volume, none of them will measurely accurately the true value of the market.[8]
The weak start to the home buying season also saw another record dive in the median sales price, the result of depreciation, slow sales for higher-priced abodes and growing sales for discounted homes fresh out of foreclosure.[9] DataQuick attributes the record decline to slow sales for higher-priced homes, depreciation and growing sales of discounted homes that were recent foreclosures.[2] Often what we're left with, especially in inland areas, are sales driven by foreclosure or the threat of it. Although prices have fallen off their peaks in most places, the magnitude of the decline continues to vary widely, with the largest discounts concentrated in markets rife with foreclosure resales," says Marshall Prentice, DataQuick president.[9]
The sharp and sudden drop of the Southland median price reflects a combination of factors, mainly depreciation, especially in areas hammered by foreclosures, and a big shift in the types of homes selling.[9] DataQuick's analysis shows California median home prices dropping by roughly $2,300 per week over the last year.[8] Median prices here are down $123,000, or about 20%, from a year ago, and are off nearly 22% from OC's record high of $645,000, set last June.[6] Alex, I am not seeing AGI. Are you trying to compare the median income to the median price? If so, even back in the year 2000, LA median price was 6 times the median income. I hope they continue to slide. They were artificially high, and still are.[8] Now that things have cooled off, prices will fall to what should have always been considered affordable - three to three and a half times the median average income. For VC, that's around $300K. During these corrections, keep in mind that prices always overshoot these targets on the way down.[2]
The median, representing the midpoint of all prices reported, has now sunk $122,500, or 23.7 percent, from the peak of $517,500 in November 2005, DataQuick figures show.[10] The median fell to $385,000, a 23.8 percent decline from $505,000 a year ago.[2] Last month's median was down 5.6 percent from February's $408,000, and down a record 23.8 percent from $505,000 in February 2007. That peak median of $505,000 was reached several times last spring and summer.[9]
More than one out of three Southland homes that resold last month, nearly 38 percent, had been foreclosed on at some point in the prior year. This time last year such sales were only 8 percent of the market.[9] Sales in the county were off 47% from a year earlier, with 1,663 home sales in March.[6] Nearly 38% of Southland sales in March were resales of previously foreclosed homes. That's up from 8% a year ago.[6]
Over the past 20 years Southland sales have risen by an average of 38 percent between February and March.[9] Sales have increased an average of about 38% from February to March the past 20 years, with the onset of spring, according to DataQuick.[6] DataQuick: "March was the seventh consecutive month in which sales have fallen to the lowest level on record for that particular month."[8]
Number one, March ALWAYS has higher sales than February, to imply that positive move has any meaning on the market is representative of someone who is manipulating the data, to put it nicely. I wonder what is stalling all those high end sales? I bet if they lowered their prices the 25%, more of them might sell.[8] The ladder is broken, the move up market is broken. The high end market is in denial about the reality because they only know they aren't selling, they don't know what price they would sell at. Then you get a few smattering of sales and people take them all as gospel and market price. It isn't.[8]
I found out a median price crash means nothing if the prices don't come down. The banks are dragging their feet on offers to buy. They would rather it goes thru the foreckosure process. It goes to auction 5 months down and sells for less than a short sale offer.[5]
Okay, that may be the case, but it then calls into question the judgement of those sellers--do they realize that when the bottom is reached their potential value may be far less than what they might get by selling immediately? Reaching the bottom doesn't mean they can resume marketing at their old price, it means the damage is now baked in and they must offer at a new, lower price. Many folks in this blog have predicted that home prices will come back down to 2001/2002 levels and these same folks have been laughed at by some of you RE folks out there.[8] I agree with both of you in regards to homes maintaining if not slightly increasing in value in certain areas of Los Angeles (i.e, Beverly Hills, Bel Air, etc.). I agree that homes in these areas will not drop to 2001/2002 levels. For the rest of us (80% of the population in L.A.) that can't afford to buy in these expensive neighborhoods we are better off waiting a year or two to save an additional 20% to 25% from peak levels.[8] I remember three years ago when Donald Trump talked about how much money could be made in foreclosures over the next 5 years. I have no sympathy for the people who overextended themselves to purchase homes at these ridiculous levels. I hear these stories, and think, "you knew you couldn't afford to live there in the first place, don't put your hand out now[8] I never thought it would hit home like it has. My brother Kevin lives in a large home in Phoenix, AZ, and after several refinances and purchases of madly expensive things like pools, jewelery, $2K purses for his wife and what not, Kevin finds himself about $200K upside down. The insane thing is his 14 year old son actually has to cut the grass now, instead of the team of landscapers he used to have to do it. Final thought: Now that my brother cant afford to buy his wife $2K purses and shoes and what not any longer, how long does the marriage last? No more expensive dinners, trips, all gone. And, OH NO, but she might just have to get a job now. THE HORROR. I give their marriage one year. How many others out there like this? I bet MUCH MORE than anyone reading this thinks.[8]
The median home in VenCo has been losing $250/day for the last 27 months. Comparable houses in Austin Texas cost 1/5th what they run in VenCo. Put whatever premium you want and you still don't come up with a 5x difference. There is no way to predict a bottom at this point.[2] The market is not doing anything crazy, it is just returning to a state of balance where homebuyers had to actually WORK at their credit score and SAVE enough money to put down on a house. Families who focus on those basic principles can afford a house in today's market, and to a large extent, it's nice to see the ridiculous bubble burst. This idea that some Pollyannas have about the Westside being immune to the housing implosion is ludicrous. It's a sliding scale. Do you think that houses costing $190k east of La Cienega isn't going to have an effect on those houses west of La Cienega. You think someone will still pay $600k median to be on the other side of the street? This is of course an exaggeration, but you take my point. For a number of reasons, the nicest areas are the last to feel the effects, but they do feel the exact same effects as every other area.[8] Many parts of LA will go beyond 01-02. Like since a house in Riverside and Manhattan Beach are made of the same materials, they should be priced the same. Sorry, I just think people are ignorant and wishful thinking if they think this is the case.[8]
The cost of sending my 3 kids to private schools K-12 will run me $400-$500K. If I'''m looking at two similar houses but one is in a crappy school district (like LAUSD) and one is in a good district (like South Pas), I'''m automatically added $500K to the value of the S.Pas school house.[8] The four-bedroom Craftsman house could have been listed for $850,000 a few years ago, Neith said, but the owner priced it at $725,000 and sold it in a month for close to full price.[5] Median house prices nationally have gone up at basically the rate of inflation for the last 100 years, not including the boom starting in 2000.[8]
The month-over-month increase was 7.9 percent compared with 12.4 percent in February-March 2007 and 43.9 percent in February-March 2006. Resale houses and condos both saw year-over-year price drops, while the new housing category, including newly built houses and condos and new condo conversions, was up 7.1 percent.[10] Maybe the media should consider what the longterm consequences for California will be if prices don't drop by another 40 to 50 percent.[5]
About 19 percent more Southern California homes were sold in March than in February, far below the historical average increase of 38 percent for the two months. That's notable because March heralds the start of the busiest home-buying season - a period that typically lasts through the summer.[7] Across Southern California, sales were up 19% from a month ago, to 12,808 new and resale homes and condos.[6] A recent government-mandated change designed to encourage lenders to offer more mortgages above $417,000 could still lubricate the market by expanding the number of buyers who can afford to bid on Southern California's more expensive homes.[7]
IMO, median income and home prices have to match up, and that is at 3-4X. I have no idea when that will happen, but I'm confident when it does, that people will have reason (and means) to purchase again. [8] Comparing median prices to median income ignores the effect of interest rates.[8]
Worst depression since the Great Depression. not a depression worse than the Great Depression, and I was stating housing prices will continue to fall for 3-4 years. We can never have another Great Depression, because we produce more food than we could ever eat and most people have some kind of roof over their head. [2] A year ago, the proportion was only 8 percent. "We continue to believe a lot of people who could be buying or selling right now are opting to sit tight until they sense we've hit bottom," Prentice said.[10]
Maybe after a summer of sales data we can tell if we are 1, 2 or more years from the bottom but anyone predicting a bottom from the information available is lying. It just isn't possible yet. Where's SmashyCrashy? He usually has extraordinarily pithy things to say about articles like these. Comments on this site are to be used for the discussion and/or debate of issues related to our stories and editorials.[2] "There are just too many foreclosures coming down the pike," Emerson said. Natalie Neith, a Beverly Hills real estate agent, has also seen a modest pickup in open-house traffic and sales recently, but like Emerson she sees more foreclosures coming.[5] "Often what we're left with, especially in inland areas, are sales driven by foreclosure or the threat of it."[10] Neith credited a recent sale of a house in the West Adams area of Los Angeles to the seller's pricing it below others in the area.[5] Agree with the above posters that the numbers are skewed as the outlying/undesireable areas are the ones having the fire sales bringing the median down.[8]
Tighter credit standards, a domino run of unemployment, and falling sales revenues in a lot of industries point to a deeper downturn in my opinion. Bush bails out builders instead of homeowners? So corrupt! The rich want free trade until it hurts industry, then they're all for "social" government bail outs. This was all uncessary. If they'd required 20% down a long time ago, this boom/bust cycle would never have happened. This is a funny story.[8]
We're considering renting our house and moving to a rental in SD. We'll run about $500 a month in the red on the rental, but perhaps the decrease in fuel costs will offset some of that. It's all a mess and it's not getting better soon.[8] Look across the country, houses that are 1,000,000 in Ventura county sell for $250,000.[2]
Foreclosure resales -- houses sold after being foreclosed on -- continue to dominate many inland neighborhoods, DataQuick says.[9] In my nice, solid 50 year old Riverside area, our houses are essentially value-less.[8]
Prices continue to hold steady in more desirable areas of LA County. Other less desirable areas are seeing greater price adjustments.[8] The median is the midpoint, where half the homes sold for more and half for less.[2]
SOURCES
1. SignOnSanDiego.com > News > Temecula/Riverside -- County home sales in March down 27 percent from 2007
2. Housing woes continue to hammer market in March : Breaking : Ventura County Star
3. Median price of SoCal homes plunged 24 pct to 4-year low - Forbes.com
4. Home sales pick up in Inland -- but unimpressively | Business | PE.com | Southern California News | News for Inland Southern California
5. Foreclosure glut further depresses housing prices - Los Angeles Times
6. Orange County Business Journal Online
7. Median price of SoCal homes plunges - SGVTribune.com
8. L.A. Land : Los Angeles Times : Rewind: SoCal home prices fall to 2004 levels
9. Central Valley Business Times
10. SignOnSanDiego.com > News > Business -- County median home price drops below $400,000
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