And You Thought Your Home Was Losing Value...

California home prices drop by 26 percent in a year.

By SHARE

While recent reports on the national housing market have contained a glimmer of hope—albeit a tiny one—the real estate situation in California appears to be bleak and getting bleaker.

From the Los Angeles Times:

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."

That's right, home prices in California are plummeting at a rate of $2,788 per week—well above the already scary national rate of $338 a week.

The full article is here.