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Breaking News: February SoCal home sales, prices dive

March 13, 2008 | 10:10 am

The median price in February for Southern California fell more than 17% from the same month last year to $408,000, according to DataQuick. Sales also took a dive, but what was really shocking was that about one-third of all sales last month involved a foreclosed property. Peter Hong has the story.

In other real estate-related news, Wall Street plunged as word spread that a major investor fund, weakened by its large portfolio of mortgage-backed securities, was on the verge of collapse.

-- Jesus Sanchez

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