Have Valley home prices hit bottom?

San Fernando Valley housing prices continued their free fall in July, plunging 29 percent as foreclosures mounted at a record pace, an economic research center said Tuesday.Gregory J. Wilcox in the Daily News.

The median price tumbled to $453,500, down nearly $20,000 from June and a whopping $186,000 below the median in July 2007, said the San Fernando Valley Economic Research Center at California State University, Northridge.

At the same time, foreclosures jumped 221 percent, flooding the market with deeply discounted homes seized by lenders. Sales ticked up 5 percent.