The number of new and existing homes sold in Southern California last month was just 16,744, even as the cost of buying a property dropped considerably from September, according to a report from Forbes. The median home price fell 4.2 percent in October to $283,000, though that figure is still up 1.1 percent from the same month last year. Even still, new-home sales hit a low of 1,208 in the month.
Foreclosures made up 34.7 percent of all previously owned homes sold in October, up from 33.6 percent in September, and there have been 370,000 such actions taken against homeowners since the start of the mortgage crisis. The average sale price of a foreclosed home in the state was just $249,897 in October.
California has been one of the states hardest hit by the national economic downturn, and its housing market has been particularly affected. Other areas in the American Southwest, such as Nevada and Arizona, have also been at or near the top of foreclosed homes and bankruptcy rates for months. Other deeply affected states include Florida and Georgia.