Californian house sales jump, as prices fall

We now have an possible indication of how far house prices may have to fall in some parts of the USA, in order to attract buyers. Last month, Southern California saw a 65% rise in property sales versus September 2007. The reason, a major increase in foreclosed properties for sale. The impact on prices was severe – median prices dropped 33% versus last year, and are now down 39% from their peak.