Home prices at five year lows

Southern California's housing prices plunged further in August, falling a record 34 percent to the lowest level in five years, an industry tracker said Wednesday. Gregory J. Wilcox in the Daily News.

The August median sank to $330,000, a decline of $170,000 over the past 12 months, said MDA DataQuick.

The Southland's median price is now at the same level as in November 2003, MDA DataQuick said.

Prices fell by large amounts in all six Southern California counties. That's because most of the sales are at the lower end of the price scale. And foreclosures accounted for 46 percent of August's sales versus 10 percent a year ago.