No that's not a Typo. Prices in California dropped 41% from August 2007! Here it is from Bloomberg
California home prices tumbled a record 41 percent in August from a year earlier as foreclosure sales pushed down values in the biggest U.S. state.
The median price of an existing, single-family detached home fell to $350,140 and will likely fall further, the Los Angeles- based California Association of Realtors said today in a report. Sales increased 56.7 percent from August 2007 and 1.8 percent from July.
People are ready to buy if the prices come down. So instead of the government inerfering, it would be better if they just let the markets correct themselves. Remember, it's not that there are no buyers, it's that prices are still too high.
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