California home sales surge as prices plummet: "LOS ANGELES (AP) - Home sales in California surged 13.6 percent in August as a flood of foreclosures drove down prices. The figures released Thursday by MDA DataQuick showed 37,988 new and preowned homes were sold statewide last month, up 13.6 percent from August 2007 but down 3.8 percent from July. The firm said 46.9 percent of all homes sold last month were foreclosed properties. That helped send the statewide median home price plunging 35.3 percent to $301,000 during the year ended in August. Most of the foreclosed homes were located in inland regions that have taken the worst hits during the housing crisis."
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Maybe this is what the bottom looks like. If so, we have nowhere to go but up.
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