July 17, 2008

The median home price in Southern California was down 29.3 percent from a year earlier to $355,000 last month, pushed downward by an unprecedented volume of foreclosure homes selling at a discount, DataQuick Information Systems reported yesterday.

The San Diego research firm said foreclosed homes represented more than 40 percent of all sales for the first time. Of the 17,424 homes sold in Southern California in June, 41.1 percent had gone through foreclosure in the previous 12 months, compared with 39.2 percent in May and 7.3 percent in June 2007.