CA Home Prices Dip 3 Percent in Dec.


Inquiring minds are looking at DataQuick’s January numbers and…they aren’t any better than anyone else’s (this side of NAR’s embarrassing propaganda):

California’s median home price dipped more than 3 percent last month to $239,000 from $247,000 in January 2010 as distress sales and bargain hunting continued to dominate the market.

San Diego-based DataQuick Information Systems said Thursday that the state median was also down about 6 percent from $254,000 in December.

The most important…and most devastating statistic was this:

Foreclosures accounted for about 40 percent of last month’s sales.

Unbelievable.

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