The California Association of Realtors reports in the LA times today that statewide median home sales prices fell 26% February 2007 to February 2008.  Prices were down 27.2% in the inland Empire east of LA, 30.9% in Sacramento, and 39.1% in Santa Barbara County. 

This drop has been equated to a loss of $2788 per week in median home value across the state – impressive, though when you start at an astronomical median value of $554,280 in Feb. 2007, those weekly drop numbers make a little more sense. 

It’s actually pretty interesting to read the widely variant comments on the LA times site – here’s a link to the article and the comments that follow……

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