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California home prices to drop 32% in ’08

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Home prices in California are expected to drop 31.7 percent this year to a median $381,000, and to fall another 6 percent in 2009, according to a California Association of Realtors forecast released this week. The median price of a resale single-family detached home was $558,670 in 2007, and is expected to be $358,000 in 2009. For the month of August 2008, the association reported that the median resale price was $350,140, a 40.5 percent decline compared to the August 2007 median price of $588,670. Sales of single-family resale homes in California dropped 26 percent in 2007, and are expected to rise 12 percent this year to 395,600 and rise another 12.5 percent in 2009 to 445,000. *** What's your opinion? Leave your comments below or send a letter to the editor. ...