Home Prices Plunge Across California: Financial News - Yahoo! Finance: "LOS ANGELES (AP) -- Median home prices plunged in many of California's most populous counties in February, with Southern California leading the slide with an overall drop of 17.9 percent compared to a year earlier, according to new housing data released Thursday. The drops reflect a deepening housing crisis in the state, which saw home values soar during the housing boom then decline sharply in most areas. Median home prices fell this year in 15 major counties, DataQuick Information Systems said."
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I guess at some point people just can't hold onto these homes anymore. Either they have to sell, or they let the bank foreclose and then the bank sells it at a loss rather than keep it. But this is really awful and it seems the slump hasn't bottomed out yet.
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