California Home Prices Decline 41% on Foreclosures (Update1) - Bloomberg.com: "California home prices dropped 41 percent last month from a year earlier, more than double the U.S. decline, as surging foreclosures drove down values, the state Association of Realtors said today.

The median price for an existing, single-family detached home in California sank to $247,590 in February from $418,260 a year earlier, the Los Angeles-based group said in a statement...The median condominium price in California was $219,960 in February, down 40 percent from $367,540 a year earlier, the Realtors’ report said. The number of condo sales rose 52 percent from a year earlier. "
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Wow. You read about "existing home sales are up, whoopee!", but of course the reason is banks are dumping their REO units at fire sale prices.