One of the jaw-dropping facts in the California Department of Finance bulletin issued earlier today is that "the median price of existing single-family homes sold in September dropped nearly 10 percent from August – the steepest one-month decline on record."
The median price in September was $530,830 – down from $589,000 a month earlier, according to the bulletin. (The chart on the left, courtesy of the Department of Finance, shows median home prices for the year, by month.)
A second piece of bad news for California's housing market -- which is dragging down state revenues -- came today from data from RealtyTrac of Irvine.
It showed a surge in foreclosures nationally, with California being particularly hard hit. Half of the top 10 cities, in terms of rate of foreclosure, are in the Golden State.
They are Stockton (1), Riverside/San Bernardino (3), Sacramento (6), Bakersfield (9) and Oakland (10).
The other California cities making the Top 100 are Fresno (13), San Diego (16), Los Angeles/Long Beach (26), Orange (31), Ventura (42), San Jose/Sunnyvale/Santa Clara (43) and San Francisco (87).
Read more about the foreclosures at the Wall Street Journal.
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