Home prices plummet

The price of a Southern California home plunged a record 27 percent in May from a year ago as foreclosures continued to hammer the market and sales hit a 20-year low, an industry tracker said Monday.Gregor J. Wilcox in the Daily News.

Prices declined by large amounts in all six counties and are now near 2004 levels, said DataQuick Information Systems.

In Los Angeles County, the price fell 23.3 percent, to $422,000, also a record percentage drop.

Over the past 12 months the region's median price lost $135,000, declining to $370,000 from a record $505,000 in May 2007, DataQuick said. The median price in May slipped 3.9 percent from April, it said.