CA home prices drop 26% in a year

LA Times

Signs of distress are piling up in the California housing market, where prices are falling at three times the national rate of decline.rnrn--Statewide, median sales prices fell by a stunning 26% from year-ago levels in February, with home prices dropping at a rate of nearly $3,000 a week, the California Association of Realtors reports. Further, the CAR says the Fed's interest rate-cutting campaign "will have little near-term direct effect on the housing market."