Home prices continue to drop

Home values plunged by nearly a quarter-million dollars in the San Fernando Valley during June as a record number of foreclosures flooded the market and sales continued to lag, a trade group said Tuesday.Gregory J. Wilcox in the Daily News.

The median resale house price tumbled 34 percent, to $431,000 - a loss of $224,000 from the record high price of $655,000 the previous June, said the Southland Regional Association of Realtors.

The price fell 4 percent, or $19,000, from May, and is now nearing the $425,000 median recorded in February 2004.