Housing Bust Update

| Tue Nov. 18, 2008 3:23 PM EST

HOUSING BUST UPDATE....The latest from ground zero of the housing bubble:

For the first time in the current housing downturn, the majority of Southern California homes sold in October — 51% — had been foreclosed, a real estate information service reported today. The median sales price for homes fell to $300,000, a level not seen since 2003 and a 41% drop from the peak price set in the spring and summer of 2007.

A 41% drop in 18 months. Jeebus.

Get Mother Jones by Email - Free. Like what you're reading? Get the best of MoJo three times a week.